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Birla Sun Life insurance claim settlement Ratio 2013-14 Review

Birla Sun Life Insurance claim settlement ratio 2013-14

We are going to analyse the Birla Sun Life Insurance 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 Birla Sun Life Insurance 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 theIRDA report. This review is on the claim settlement of the life insurance division of the company. 

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Birla Sun Life Insurance Life insurance CLAIM SETTLEMENT RATIO 2013-14
Claims settled87.76%
Claims Rejected9.57%
Claims pending at year end2.67%

The above picture and table says that out of 100 claims that come to Birla Sun Life Insurance Life insurance 87.76% are settled,9.57% is rejected and 2.67% is pending.  At the end of the financial year 2013-14, the company has a pending claim for 246 policies. Out of these pending claims 155 claims are pending for less than 90 days and 91 claims are pending for more than 90 days. Claims may be in pending list because of additional documentation, insufficient information, etc.

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LAST 5 YEARS CLAIMS HISTORY
YEARCLAIMS SETTLED
2009-1089.09%
2010-1194.66%
2011-1290.94%
2012-1382.55%
2013-1487.76%

In the last 5 years, Claim settlement of Birla Sun Life Insurance Life insurance life insurance has been fluctuating a little. You can see that the company has settled nearly 95% in 2009-10 and nearly 83% in 2013-14 . The company is trying to maintain the claims settlement ratio above 90%.

A comparison of Birla Sun Life Insurance Life insurance claim settlement ratio with previous 5 years relating to number of claims.

Birla Sun Life Insurance life insurance was started in the year 2000. 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 settled totally 8071 claims in the financial year 2013-14.

Since Birla Sun Life Insurance is having a solid retail business focus, the company is having more number of life insured. Inspite of the huge number of claims the company has maintained a healthy claim settlement ratio every year.

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Review on Birla Sun Life Insurance claim settlement ratio 2013-14

TOTAL NUMBER OF CLAIMS LAST 5 YEARS
YEARNUMBER OF CLAIMS SETTLED% SETTLED
2009-10527589.09%
2010-11930794.66%
2011-12992590.94%
2012-13814982.55%
2013-14807187.76%

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. Birla Sun Life Insurance 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 Birla Sun Life Insurance claim settlement ratio 2013-14 as strong.

Claim settlement process at Birla Sun Life Insurance Life insurance

Birla Sun Life Insurance Life insurance Claim process link  click here

Birla Sun Life Insurance Life insurance Claim requirements list Click here

Birla Sun Life Insurance Customer Care:

1800- 270- 7000

 

 

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