What Is Claim Settlement Ratio Of Star Health Insurance?
Claim settlement ratio is an important parameter to consider while choosing any health insurance plan. It is a measure of the number of claims that an insurer has settled against the total number of claims received. It is an indicator of the efficiency and reliability of a health insurance provider in settling claims. The higher the ratio, the higher the chances of the insurance company paying out your claim. Star Health Insurance has a claim settlement ratio of 93.2 percent in the year 2019-20, which is higher than the industry average of 86.4 percent.
Star Health Insurance is one of the leading health insurance companies in India. It offers a wide range of health insurance plans to suit the needs of different individuals and families. The company is known for its reliable customer service and its quick and efficient claim settlement process. With its claim settlement ratio of 93.2%, Star Health Insurance has been able to provide its customers with timely and hassle-free claim settlements.
Star Health Insurance has a well-defined claims process which is easy to understand. It has a dedicated team of professionals who are experienced in handling claims. The company also has a 24x7 helpline to help customers with their queries. The customer can also track the status of their claim online. The company also has a network of hospitals where customers can get cashless treatment without any hassles.
Star Health Insurance also provides additional benefits such as free health check-ups and reimbursement of medical expenses. It also offers discounts on premium payments and offers additional coverage for pre-existing diseases. The company also provides online policy renewal facility. These additional benefits make Star Health Insurance a preferred choice for many customers.
Why Is Claim Settlement Ratio Of Star Health Insurance Important?
Claim settlement ratio of Star Health Insurance is an important factor to consider while selecting an insurance plan. It is an indication of the reliability and efficiency of an insurance provider in settling claims. A high claim settlement ratio means that the insurer is more likely to pay out your claim in time. A low claim settlement ratio indicates that the insurer may take a long time to settle your claim or may even reject it.
The claim settlement ratio of Star Health Insurance is much higher than the industry average, which indicates that the company is reliable and efficient in settling claims. This ensures that customers will receive timely and hassle-free claim settlements. The company also offers additional benefits such as discounts on premium payments and online policy renewal facility, which makes it a preferred choice for many customers.
How To Improve Claim Settlement Ratio Of Star Health Insurance?
Star Health Insurance has a high claim settlement ratio, but there are certain steps that customers can take to improve it further. One of the most important steps that customers can take is to make sure that they are familiar with the claims process and the documents required for filing a claim. Customers should also make sure that they file their claim as soon as possible after the hospitalization or treatment. This will help to expedite the claims process and reduce the chances of claim rejection.
Another important step that customers can take is to read the policy document carefully and understand the terms and conditions. This will help them to make sure that they are aware of all the benefits and exclusions of the policy. Customers should also make sure that they provide accurate information while filing a claim. This will help to avoid any delays or rejections of the claim.
Finally, customers should also make sure that they choose the right insurer. They should compare the claim settlement ratio of different insurers before selecting one. They should also check the reviews and ratings of the insurer to ensure that they are selecting a reliable and efficient insurer.
Conclusion
Star Health Insurance has a high claim settlement ratio of 93.2 percent which is higher than the industry average. This indicates that the company is reliable and efficient in settling claims. Customers can further improve the claim settlement ratio by being familiar with the claims process, providing accurate information and choosing the right insurer. All these steps will help to ensure that customers get timely and hassle-free claim settlements.