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Why Claim Settlement Ratio Matters?
Your dependents can maintain financial stability even in your absence In short, the Claim Settlement Ratio is a measure of trust, dependability, and peace of mind.
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Why is Claim Settlement Ratio Important?
Indicator of Insurer’s Reliability: The Claim Settlement Ratio is a key metric that reflects the life insurance company’s reliability and credibility. A low ratio might indicate issues such as inefficient claim handling, lack of transparency, or poor customer service. At the end of the day, life insurance policies can only be as reliable as the insurance company that provides them. Thus, the Claim Settlement Ratio helps you make an accurate judgment of the trustworthiness and competence of an insurer. Every financial year, the Insurance Regulatory and Development Authority of India ( IRDAI ) issues the Claim Settlement Ratios for every insurance company in the country. A high Claim Settlement Ratio can help you determine whether a company can be depended upon to provide the promised claim to the beneficiaries of the insured. It also indicates that the insurance company has high customer satisfaction and a strong underwriting process .