August 8, 2019
Claim settlement ratio (CSR) is an indicator of the death
claims settled by an insurance company in a financial year. It is calculated
as the total number of claims the company received to the number of claims
settled.
If an insurance provider has received 100 claims and settled 97 of them, the
claim settlement ratio of that enterprise will be 97%.
Checking the CSR of any insurance company is the best way to judge the
efficiency of their claim settlement process. The ratio is a measure
of the reliability of the insurer. If you are looking to check the CSR of an
insurer, you can see the Insurance Regulatory and Development
Authority‘s annual report published on their website.
The report contains details on the performance of all insurance companies in
India. It includes details such as:
Here is a list of the foremost life insurance companies based on claim
settlement ratio.
Top 4 Insurers by CSR
Max Life Insurance (98.26)
Well-known for resolving most of their customers’ issues, Max Life
Insurance is the leading insurance provider when it comes to
claim settlement ratio. According to the IRDA annual report of 2017-18, the
company has a CSR of 98.26, which surpasses that of LIC (A
state-owned insurance group).
Moreover, the company is also a market leader when it comes to introducing
customer-centric products and services. Its InstaClaim initiative is a
program, under which Max Life promises to settle claims made on specific
plans within 24 hours. The company also boasts of over 221 offices around the
country with ₹53,237 crore worth assets under management.
Tata AIA Life (98.00)
TATA AIA Life is a joint venture between the TATA Group and
the AIA Group. With a combination of TATA’s trust and
AIA’s technology, the company is the fastest growing insurance enterprise in the country.
The company boasts a wide range of innovative and comprehensive products
developed to meet the need of their customers.
HDFC Standard Life (97.80)
As the third largest private insurer based on volume of business, HDFC
Standard Life is a leading provider when it comes to claim settlement ratio.
The company is well-known for a range of policies starting from
term plans to ULIPs. With over 11,000 employees, the company promises its
customers 24*7 assistance at every step of their claim settlement journey.
Bharti AXA Life (96.85)
A joint venture between AXA Group and Bharti
Enterprises, Bharti AXA Life Insurance has a strong foothold in the
Indian insurance sector. With strategies revolving around customers
engagement and benefits, the company has a claim settlement ratio of 96.85
percent.
Moreover, the company is also well-known to provide dedicated claim
handlers who assist claimants throughout the settlement process.
Well, there you have it, the list of leading insurers based on their claim
settlement ratios for the FY 2017-18. Purchasing a plan from one of these
insurance companies can help you avoid the hassle of running from pillar to
pole for claim settlement.
However, while considering claim settlement ratio is essential, many
other factors require proper consideration as well.
Some Other Factors to Consider
Add-Ons
Insurance companies offer a bunch of add-ons with their insurance policies to
increase the cover. If you want to buy a policy that provides comprehensive
protection, make sure that you go for an insurer that gives benefits such as:
Pay-out Options
Before buying an insurance plan, check if the insurer is offering you
different pay-out options. Most insurers today offer options starting from
lump sums to monthly pay-outs.
Choose an insurance company that offers multiple options, so you can choose
one according to your needs.
India is a country where there is no option of social security cover. Thus,
buying a life insurance plan becomes the only choice when it comes to
securing the financial future of your family.
When you select an insurance company with a good claim settlement ratio, you
ensure that your family will get the money without any hassles.
This is a sponsored post.
Source: https://newzhook.com/story/four-life-insurers-with-best-claim-settlement-ratio-in-india
