ICICI Prudential Life Insurance claim settlement ratio 2013-14
We are going to analyse the ICICI Prudential 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 in claim ratio and the comparison of the ICICI Prudential 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 the IRDA report. This review is on the claim settlement of the life insurance division of the company.
| ICICI Prudential Life Insurance Life insurance CLAIM SETTLEMENT RATIO 2013-14 | |
| Claims settled | 94.10% |
| Claims Rejected | 4.98% |
| Claims pending at year end | 0.92% |
The above picture and table says that out of 100 claims that come to ICICI Prudential Life Insurance 94.10% are settled, 4.98% is rejected and 0.92% is pending. At the end of the financial year 2013-14, the company has a pending claim for 123 policies. Out of these pending claims 85 claims are pending for less than 90 days and 38 claims are pending for more than 90 days. Claims may be in pending list because of additional documentation, insufficient information, etc.
A comparison of ICICI Prudential Life insurance claim settlement ratio with previous 5 years relating to number of claims.
| LAST 5 YEARS CLAIMS HISTORY | |
| YEAR | CLAIMS SETTLED |
| 2009-10 | 90.17% |
| 2010-11 | 94.61% |
| 2011-12 | 95.53% |
| 2012-13 | 96.29% |
| 2013-14 | 94.10% |
In the last 5 years, Claim settlement of ICICI Prudential Life Insurance is very strong. You can see that the company has settled more than 90% in past 5 years. Now the company is trying to focus on maintaining above 95%.
ICICI Prudential 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 12608 claims in the financial year 2013-14.
Since ICICI Prudential Life Insurance is having strong back up from ICICI Bank, the company is having more number of lives insured. Inspite of the huge number of claims the company has maintained a healthy claim settlement ratio every year.
Review on ICICI Prudential Life Insurance claim settlement ratio 2013-14
| TOTAL NUMBER OF CLAIMS LAST 5 YEARS | ||
| YEAR | NUMBER OF CLAIMS SETTLED | % SETTLED |
| 2009-10 | 14479 | 90.17% |
| 2010-11 | 15160 | 94.61% |
| 2011-12 | 14314 | 95.53% |
| 2012-13 | 14393 | 96.29% |
| 2013-14 | 12608 | 94.10% |
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. ICICI Prudential Life Insurance claim settlement ratio 2013-14 is among the top 2 private insurance companies in India. The most important point to be noted is that the company has rejected about 341 claims(4.70%). Waytoinsurance.com marks ICICI Prudential Life Insurance claim settlement ratio 2013-14 as strong.
Claim settlement process at ICICI Prudential Life insurance
ICICI Prudential Life Insurance Claim process link click here
ICICI Prudential Life Insurance online intimation link click here
ICICI Prudential Life Insurance Claim requirements list Click here
ICICI Prudential Life Insurance Customer Care:
1860-266-7766
Write to ClaimCare:
1st Floor, C wing, Office No. 115, 116, 117, BSEL Tech Park,