Quote Form

Our representative will call you within few minutes
Claim Settlement Ratio 466 views October 20, 2020
Table of Contents
The claim settlement ratio lets you know how much policies the insurance company has settled in a particular year. In this article, you will know what is the Claim Settlement Ratio of Bharti AXA, a leading insurance company. If you are going to purchase an insurance policy from Bharti AXA, you should know its claim settlement ratio. Read this post further and know more about it.
According to the annual report of IRDAI, the claim settlement ratio of Bharti AXA General Insurance Co. Ltd. for the financial year 2017-18 is 83%. Let’s look at the table below to understand the death claim data of the Bharti AXA General Insurance Co. Ltd. for the year 2018-19.
Types of Policies | Total Claims | Claim Paid | Claims Rejected | Claims Pending | Repudiated Claims | Unclaimed Claims |
---|---|---|---|---|---|---|
Group Insurance | 357 | 352 | 0 | 1 | 4 | 0 |
Individual Insurance | 1,065 | 1,036 | 0 | 7 | 22 | 0 |
NOTE:- As per the annual report of IRDAI, the company has received a premium of INR 2,258 Crore in 2018-19 and INR 1,753 Crore in 2017-18.
A claim settlement ratio refers to the total number of claims that are settled by an insurance company. This calculation is done by dividing the total number of claims settled by the number of claims received. You can calculate the Bharti AXA Claim Settlement Ratio by using the below formula.
CSR = Total Claims Settled/Total Claims Received
Here, Total Claims Settled is the number of claims reported in the financial year plus pending claims at the start of the year.
For instance, if Bharti AXA receives 1,000 claims and settles 980, the claim settlement ratio of the company would be 98%. The higher the claim settlement ratio of the company, the more favourable it would be for the policyholder. As they can find out that the company is trustworthy and will process their claim without any hassle. And all this is shown in the data provided in the annual report of the Insurance Regulatory Development Authority (IRDAI).
Bharti AXA General Insurance offers policyholders both cashless and non-cashless facilities. To find the empanelled list of network hospitals for cashless claims, contact the Third Party Administrators (TPAs) to get service during hospitalization.
The cashless claim is a facility that is provided only when the insured is admitted to any of the network hospitals that the insurer ties up with. Here, the insurer settles the health insurance claims directly by contacting the hospital or nursing home. In case the hospitalization is pre-planned, you can choose the hospital from Bharti AXA network hospitals, you just need to request the hospital to send the company a claim form along with the certification from the doctor about the nature of the illness and treatment.
When the Third-Party Administrator receives your cashless claim request, and if the health insurance claim is admissible, the TPA sends you a pre-authorization in just a few hours for the cashless claim. With an extensive network of more than 4,300+ network hospitals all over India, you can easily avail of this facility.