claim settlement ratio 135 views October 26, 2020

The insurance of non-living objects is known as general insurance. And these general insurance policies are taken to cover goods or assets. Besides your assets, the general insurance policies also cover financial costs that are incurred due to specific danger. For instance, fire insurance policy covers the financial damages caused due to fire. Similarly, a health insurance policy covers the cost of medical expenses. In this article, we will discuss the claim settlement ratio of General Insurance Companies. Although it’s not the sole factor when deciding to choose a general insurance policy, knowing the same will give you an impression about the insurer’s commitment towards its customers. And when you have the claim settlement data of different companies, you can compare them even better. So, read the post below and get the data!

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What is a Claim Settlement Ratio (CSR)?

Claim Settlement Ratio provides you the information on the number of claims that are settled during a year. It is calculated by dividing the number of claims settled by the total claims received in a year. For example, if the insurer receives 10 claims and settles only 7 out of it, the CSR would be 70%. Using CSR you can estimate the likelihood of your claim being settled in case the need arises in the future.

If a general insurance company claims settlement ratio is 80% or above it is considered good. However, you shouldn’t compare the insurer only on this factor. It is advised that you read the policy document when making your decision.

The CSR is beneficial only to understand the willingness of the insurer to provide the funds when you claim in the future. It helps determine the reliability of the insurance company and the efficiency of its claim settlement.

Top General Insurance Companies & Their Claim Settlement Ratio

You have a wide range of general insurance companies in India. But don’t choose an insurer just by its name. First, you check the policies, their benefits and then the claim settlement ratio of general insurance companies. So, have a look at the below-listed insurance companies and choose the suitable one for yourself.

Aditya Birla Insurance Brokers Limited (ABIBL)

This general insurance company is one of India’s leading composite insurance brokers, licensed by the Insurance Regulatory and Development Authority of India (IRDAI). It simplifies the complex world of insurance for the customers. ABIBL delivers cost-effective and customized risk management, placement and claim management solutions via its potent combination of experience and expertise. The claim settlement procedure at Aditya Birla Insurance Brokers Limited is easy and hassle-free. The claim management and service approach of Aditya Birla Insurance Brokers Limited is based on the line of business and briefing session for the client. The company has a proactive involvement in claims from intimation till settlement. There is also technical assistance for early and appropriate settlement. You need to follow periodic discussions with the insurer, surveyor, or clients. The company follows orderly documentation and expeditious settlement. It has customized training programs according to the needs and risk profiles of customers.

Benefits of ABIBL Claim Services

  1. Improve the turnaround time for survey completion and final claim settlement
  2. Chances of recovery claims
  3. Gives you the legitimate claim amount in line as per the terms and conditions of the policy
  4. Expert advice 24×7 for corporate claim matters only
  5. Assistance for claim document preparation
  6. High claim settlement ratio of Aditya Birla Insurance Brokers Limited

Now, let’s look at the claim settlement ratio of Aditya Birla Insurance Brokers Limited as per the IRDAI’s annual report

Financial YearClaim Settlement Ratio (in Percentage)
2018-1997.15%
2017-1896.38%
2016-1794.69%
2015-1688.45%
2014-1595.30%
2013-1497.76%

Kotak Mahindra General Insurance Company

A non-life insurance company Kotak Mahindra General Insurance is here to bring you quality products with great customer service. But today, we are here to find the claim settlement ratio of Kotak Mahindra General Insurance Company. Check out the table below to know the Kotak Mahindra General Insurance Company claim settlement ratio.

Financial YearClaim Settlement Ratio (in Percentage)
2018-1997.40%
2017-1893.72%
2016-1791.24%
2015-1689.09%
2014-1590.73%
2013-1490.69%

Kotak Mahindra General Insurance Company Claim Process

You will either get a cashless claim or reimbursement for your insurance. Let’s discuss the process.

Cashless Claim:-

  1. Call 1 800 266 4545 helpline number or submit the Claim Intimation Form and inform the insurer about your claim with the policy details.
  2. The inspection will be conducted for 24 hours (if you report the claim on a working day), or on the next working day (if it is reported on Sunday or a public holiday)
  3. All relevant documents are needed to be submitted as per the terms & conditions
  4. The cashless confirmation and settlement will be done directly by the preferred network provider

Reimbursement:-

  1. Call 1 800 266 4545 helpline number or submit the Claim Intimation Form and inform the insurer about your claim with the policy details.
  2. The inspection will be conducted for 24 hours (if you report the claim on a working day), or on the next working day (if it is reported on Sunday or a public holiday)
  3. Once you pay the bills, the payment will be initiated within 7 days of receipt of all relevant documents as per the terms & conditions.

HDFC Ergo General Company Insurance Ltd.

This general insurance company is a joint venture between HDFC Ltd. and ERGO International AG. The company offers a wide range of general insurance products to the customers from Motor, Health, Travel, Home and Personal Accident, and also a customized product like Property, Marine and Liability Insurance in the corporate space. As per the IRDAI annual report, the claim settlement ratio of HDFC Ergo General Company Insurance Ltd. for the year 2018-19 is 76.36%. Let’s look at the insurance claim settlement process.

  1. First, provide the insurer with the NEFT details in the claim form along with a canceled cheque.
  2. KYC documents – any one of Aadhaar Card Voter ID card, Driving Licence, Passport, etc.

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