Delays in policy payout processing

<p>Inquiries CCC ********** , Lindsay 13.58 and Maureen 15.40 (and others refer)</p> <p>I have app**** for the release of funds from a retirement<br />annuity- ********** 45 . Documentation was completed and submitted on the<br />7/12/16. According to Old Mutual documents were submitted to SARS on<br />20/12/16 after repeated follow ups I was informed that they were<br />awaiting a tax directive from SARS this being 46 working days<br />after submission, a process that is supposed to take 21 working days.<br />So 82 days after initial submission I am no closer to my<br />money.</p> <p>This appears to be a systemic(or deliberate) problem within Old mutual<br />(and others) when it comes to settling claims, It defies belief that<br />with all the resources at their disposal that the insurance industry<br />seems unable to implement a system that electronically</p> <p>1) Automatically tracks and flags claims applications for followup.(We have to follow up)<br />2) Emails clients on the progress of the application. (We have to contact them).</p> <p>Had I not followed up on these issues , who knows when they ever would<br />have been resolved. Follow ups were only initiated after I raised the<br />issue.</p> <p><br />If you consider this for a while you have to come to the conclusion<br />that it somehow is in insurance companies interest to delay processing as much as<br />possible Once this claim is complete I intend to forward the entire<br />history to the ombudsman and financial press</p> <p>It would be interesting to know how many others experience similar<br />issues when claiming. and what it has cost them financially and<br />emotionally.</p>