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Aviva life insurance claim settlement ratio 2013-14 Review

 Aviva life insurance claim settlement ratio 2013-14

Claims settlement ratio for the year 2013-14 has been released by IRDA in its annual report. In this post we are going to analyse the Aviva life insurance claim settlement ratio 2013-14 in particular. Here we are about to analyse the report on the improvements of claim ratio and the comparison of the Aviva life insurance claim settlement ratio 2013-14 with previous 5 years. Kindly go through the table and understand the Pie chart provided.

 1

     AVIVA LIFE INSURANCE CLAIM- SETTLEMENT RATIO 2013-14
Claims settled84.01%
Claims Rejected15.84%
Claims pending at year end0.15%

The above picture and table says that out of 100 claims that come to Aviva life insurance 84.01% are settled,  15.84% is rejected and 0.15% is pending at year end. We can see nearly  4% increase in the rejection rate which was 11.96%  in 2012-13 and 15.84%  in 2013-14. Claim settlement ratio has also reduced from 87.71%  to 84.01%

Aviva life insurance claim settlement ratio last 5 years

2

In the last 5 years, Claim settlement of Aviva life insurance life insurance has varied every year. There is no stability in the settlement ratio because the ratio is increasing and decreasing every year. Still the company is holding ratio more than 80% which is a good sign.

LAST 5 YEARS CLAIMS HISTORY
YEARCLAIMS SETTLED
2009-1087.11%
2010-1184.15%
2011-1289.55%
2012-1387.71%
2013-1484.01%

The company has taken several steps to bring up the claim settlement ratio.

A comparison of Aviva life insurance claim settlement ratio with previous 5 years relating to number of claims.

Aviva life insurance company has grown in the past 10 years and has more than 5 lakh active customer base. As the business is growing number of claims is also increasing. Here in the below chart you can see that the Aviva life insurance claim settlement ratio 2013-14 is lesser when compared to the ratio in the same period last year. And the company is working on positive measures to reduce the number of claims by bringing in more quality lives.

3

TOTAL NUMBER OF CLAIMS LAST 5 YEARS
YEARNO OF CLAIMS         SETTLED
2009-10187787.11%
2010-11226584.15%
2011-12224089.55%
2012-13243387.71%
2013-142033  84.01%

Review on Aviva life insurance claim settlement ratio 2013-14

If you had not hided any facts to the insurance company and if your claim is genuine no company can decline your claim. Without any valid proofs and evidence of fraud, no company can reject the claim.From the above tables we can understand that the company has taken more steps to reduce claims and is also working on claim settlement ratio.

Claim settlement process at Aviva life insurance life insurance

Aviva life insurance Claims process link  click here

Download Aviva life insurance claim documents online click here

 

 

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