Life insurance is an important financial instrument in a human life, because due to the loss of one’s life the money will help their family in various ways. So, it is very important to choose life insurance company to insure them. Claim settlement ratio is one of the important factors that will help you to find the right insurance company. In this article, we shown the review of Exide Life Insurance claim settlement ratio in the financial year of 2018-19 and also provide comparison of last 5 years claim settlement ratio.
EXIDE LIFE INSURANCE
Exide Life Insurance Company Limited is an established and profitable life insurance company. It started its operations in 2001-02 and is headquartered in Bengaluru. The company is 100% owned by Exide Industries Limited. The company serves over 15 lakh customers and manages assets of over INR 15,795 crores.
During the financial year 2019-20, the company achieved Total Premium Income of over 3,220 crores. Exide Life Insurance distributes its products through multi-channels viz. Agency, Bancassurance, Corporate Agency & Broking, Direct channel and Online.
The Agency channel comprises of 45,000+ advisors who are attached to over 200 company offices across the country. The company also offers group life insurance solutions.
Exide Life is focused on providing long term protection and savings solution plans and has a strong traditional product portfolio with a consistent bonus track record.
The company having various products in that category to fulfill the various need of their customers in various stages of the life.
Claim Settlement Ratio of Exide Life Insurance
Claim settlement ratio is defined as number of claims settled to the insured against the number of claims filed to the insurer.
CSR = (Total no of claim paid during a financial year) / (Total no of claims received in that financial year)
It is an important factor while choosing the life insurance company to insure. Higher the claim settlement ratio indicates the better insurer to insure.
The claim settlement ratio of Exide Life Insurance Company in the financial year 2018-19 is 97.03%.
[caption id="attachment_2916" align="aligncenter" width="578"] Exide Life Claim Settlement Ratio[/caption]
Claim Details of Exide Life Insurance
The claim details of Exide Life Insurance Company are tabulated below.
Exide Life Claim Settlement 2018-19
|Claims pending at the starting of FY||5|
|No of claims intimated in FY 2018-19||3330|
|Total No of Claims||3335|
|No of Paid Claims||3236|
|No of Claims Rejected||99|
The above details indicate that Exide Life Insurance has settled 97.03% of claims against the total number of claims received by it in the financial year of 2018-19.
The company rejected 99 claims that makes the claim repudiation ratio into 2.97% in the year of 2018-19.
Exide Life Insurance has paid 76 crores for the claim settlement of 3236 claims to their customers in the year of 2018-19.
Claim Settlement Ratio of Exide Life for last 5 years
For life insurance companies, it is important to maintain higher and consistent claim settlement ratio as per the IRDAI guidelines.
Because, higher the claim settlement ratio indicates the better insurance company for the people to insure.
The details of Claim Settlement ratio of Exide Life for last 5 years are given below
Claim Settlement Ratio
The Graphical representation of Claim settlement ratio of Exide Life for last 5 years
[caption id="attachment_2917" align="aligncenter" width="627"] Graphical Representation of Exide Life Claim[/caption]
Form the above data indicates the claim settlement ratio of Exide Life Insurance has increased every year. Exide life is fully owned by the Exide Industries without having any foreign collaboration. Even though the company has increased its claim settlement ratio linearly year on year.
Review of Exide Life’s Claim Settlement Ratio
None of the life insurance company’s motive is to reject or holding the claim request received by them. It is people’s responsibility to honestly provide the details asked at the time of availing the insurance policy. Also, providing the required documents at the time of claim is important that it could avoid the claim pending.
As per the data provided above, Exide life Insurance Company’s claim settlement ratio is good and stable, also having consistent performance to improve the CSR. But, the number of claims is high. By settling more claim and reducing the intimated claim numbers has leads to more consistent for claim settlement ratio of the company.