Bajaj Allianz claim settlement ratio 2013-14

We are going to analyse the Bajaj Allianz claim settlement ratio 2013-14 from the IRDA Annual report 2013-14. Here we are about to analyse the report on the improvements of claim ratio and the comparison of the Bajaj Allianz claim settlement ratio 2013-14 with previous 5 years. Kindly go through the table and understand the charts provided. These charts are prepared from the data available from the IRDA report. This review is on the claim settlement of the life insurance division of the company. For the review on general insurance, please visit Bajaj allianz claim settlement ratio 2013-14 (General Insurance)

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Bajaj Allianz Life insurance CLAIM SETTLEMENT RATIO 2013-14
Claims settled 91.29%
Claims Rejected 6.30%
Claims pending at year end 2.41%

The above picture and table says that out of 100 claims that come to Bajaj Allianz Life insurance 91.29% are settled, 6.30% is rejected and 2.41% is pending.  At the end of the financial year 2013-14, the company has a pending claim for 572 policies. Out of these pending claims 553 claims are pending for less than 90 days and 19 claims are pending for more than 90 days to 180 days. Claims may be in pending list because of additional documentation, insufficient information, etc.

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LAST 5 YEARS CLAIMS
YEAR CLAIMS SETTLED
2009-10 88.18%
2010-11 88.69%
2011-12 90.61%
2012-13 88.67%
2013-14 91.29%

In the last 5 years, Claim settlement of Bajaj Allianz Life insurance life insurance has been more or less the same or with a minor difference. You can note that the claim settlement ratio of Bajaj allianz for 2013-14 is the highest for the company in the last 5 years. The company is trying to maintain the claims settlement ratio above 90%.

A comparison of Bajaj Allianz Life insurance claim settlement ratio with previous 5 years relating to number of claims.

Bajaj Allianz life insurance was started in the year 2001. Since the inception the company is maintaining a good claim settlement ratio. We can see that the company is maintaining a good healthy claim settlement ratio. The company has the highest number of claims intimated and settled in the year 2013-14. The company has settled totally 23724 claims in the financial year 2013-14 which is almost 25% of the private insurance industry total claims.

Since Bajaj Allianz is having a solid retail business focus, the company is having more number of life insured. Here in the below chart you can see that the Bajaj Allianz claim settlement ratio 2013-14 is the highest when compared to last 5 year. Inspite of the huge number of claims the company has maintained a healthy claim settlement ratio every year.

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TOTAL NUMBER OF CLAIMS LAST 5 YEARS
YEAR NO OF CLAIMS          SETTLED
2009-10 23040 88.18%
2010-11 27038 88.69%
2011-12 27212 90.61%
2012-13 27282 88.67%
2013-14 23724 91.29%

Review on Bajaj Allianz 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. In the above tables we had learnt that the company has a very strong claim settlement ratio. Bajaj allianz claim settlement ratio 2013-14 will be surely among the top 10 insurance companies in India. The most important point to be noted is that the company has rejected about 6.30%. Waytoinsurance.com marks bajaj allianz claim settlement ratio 2013-14 as strong.

Claim settlement process at Bajaj Allianz Life insurance

Bajaj Allianz Life insurance Claim process link  click here

To track your Bajaj Allianz Life insurance Claim status online click here

Download Bajaj Allianz Life insurance claim documents online click here

Bajaj Allianz Life insurance Claim requirements list Click here

Bajaj Allianz Customer Care:

BSNL: 1800- 233- 7272

TATA: 1800- 209- 7272

BHARTI: 1800- 103- 7272

E-mail: customercare@bajajallianz.co.in

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