What Is Claim Settlement Ratio In Health Insurance?
Claim Settlement Ratio in health insurance is a ratio of total number of claims filed during a financial year which were settled by the insurance company within the stipulated time period. This ratio is a measure of the efficiency of an insurance company in settling the claims. It also acts as an indicator of the quality of the services offered by the insurance company. Generally, a higher claim settlement ratio implies that an insurance company is more reliable and trustworthy in settling the claims of its customers.
Why Claim Settlement Ratio is Important?
Claim Settlement Ratio is an important factor to consider while buying a health insurance policy. It is important to check the Claim Settlement Ratio of the company before buying a policy to ensure that the company will be able to fulfill its promise and provide you with the best services and pay out the claim when due. It is also a good indicator of the trustworthiness of the insurer. A company with a high claim settlement ratio is likely to be more reliable and trustworthy as compared to a company with a lower claim settlement ratio.
What are the Factors Affecting Claim Settlement Ratio?
There are various factors which affect the claim settlement ratio of an insurance company. The primary factor which affects the claim settlement ratio is the number of claims filed and the number of claims settled. The claims that are not settled within the stipulated time period are not considered in the calculation of the claim settlement ratio. Other factors which affect the claim settlement ratio include the processing time taken for the settlement of the claim, the quality of service provided by the insurance company and the claim settlement process.
Best Claim Settlement Ratio in Health Insurance
The best claim settlement ratio in health insurance is usually provided by the top insurance companies in India. These companies have a proven track record of providing the best services and settling the claims of their customers within the stipulated time period. Some of the top insurance companies in India with the highest claim settlement ratio include Bajaj Allianz, ICICI Lombard, Star Health and Allied Insurance, Max Bupa, HDFC Ergo, Tata AIG, and Apollo Munich.
Tips to Choose the Best Health Insurance with High Claim Settlement Ratio
When choosing the best health insurance policy with a high claim settlement ratio, it is important to consider a few factors. Firstly, you should check the claim settlement ratio of the insurance company. A higher claim settlement ratio implies that the company is more reliable and trustworthy in settling the claims of its customers. Secondly, you should also check the quality of service provided by the insurance company. The quality of service provided by an insurance company is an indication of the trustworthiness of the company. Lastly, you should also consider the processing time taken for the settlement of the claim. A shorter processing time is generally indicative of a better quality of service provided by the insurance company.
Conclusion
Claim settlement ratio is an important factor to consider while buying a health insurance policy. It is important to check the claim settlement ratio of the company before buying a policy to ensure that the company will be able to fulfill its promise and provide you with the best services and pay out the claim when due. The best claim settlement ratio in health insurance is usually provided by the top insurance companies in India. When choosing the best health insurance policy with a high claim settlement ratio, it is important to consider the claim settlement ratio, the quality of service provided by the company, and the processing time taken for the settlement of the claim.