Life insurance is a contract between the life insurance company and the life insured, where the insurer promises to pay a sum of money or how much the life insured took a coverage himself to the designated beneficiary, upon the death of insured person. In this statement the important thing is the assurance of settled the coverage amount to the specified person due to the risk of life insured. For that, the selection of life insurance company is important in terms of settling the claim. Claim settlement ratio of life insurance company provided by the IRDAI is helps us to find better life insurance company to insure. In this article the review of Future Generali Life Insurance claim settlement ratio is given in the financial year of 2018-19 also provide the claim settlement history of that life insurance company.
FUTURE GENERALI LIFE INSURANCE
The insurance company is a joint venture between three leading groups. Future Group – a leading retailer in India, Generali Group – a global insurance group that features among top 50 smartest companies in the world, Industrial Investment Trust Limited (IITL) – a leading investment company.
The mission of Future Generali Life Insurance Company is to actively protect and enhance people’s lives.
The company spread its operations across 136 branches and a complete range of simplified solutions for financial security of customers and enterprises, also the company aims to become the first choice by delivering relevant and accessible insurance solutions.
The company having a strong corporate partners and agents to provide service to all the areas of the country including remote areas. The direct agents also helpful to register the brand to the people and provide quality of services.
The company offers various category of products to fulfill the various needs of the customers in various stages of their life. They offer protection, savings, health, ULIP, group protection, child and retirement plans depend on the customer’s requirement.
Claim Settlement Ratio of Future Generali Life Insurance
The process of pays out a risk coverage amount to the insured on the occurrence of the event specified in the contract, in a return of premium paid for the insured is called claim settlement of insurance company.
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)
While choosing the life insurance company to insure, it is an important factor to take into consider.
The Claim Settlement Ratio of Future Generali Life Insurance in the financial year 2018-19 is 95.16%
[caption id="attachment_2905" align="aligncenter" width="456"] Future Generali Life Claim Settlement Ratio[/caption]
Claim details of Future Generali Life Insurance
Future Generali Life Claim Settlement 2018-19
|Claims pending at the starting of FY||19|
|No of claims intimated in FY 2018-19||1138|
|Total No of Claims||1157|
|No of Paid Claims||1101|
|No of Claims Rejected||48|
From the above table, Future Generali Life Insurance Company has settled 95.16% of death claims against the total number of claims received in the financial year of 2018-19.
The company has rejected 48 claims and that leads the claim repudiation ratio as 4.15%. Also, the pending ratio is 0.69% in the year of 2018-19.
Future Generali Life Insurance has paid 35 crores for 1101 claims for their customers in the financial year of 2018-19.
Claim Settlement Ratio of Future Generali Life for last 5 years
To know the history of claim settlement is important before insuring in to the life insurance company. For that IRDAI provide annual report of insurance companies every year, that contains the complete financial status of an insurance companies and also the indicators like claim settlement ratio, solvency ratio…etc.
The claim settlement ratio of Future Generali life for last 5 years is tabulated below.
Claim Settlement Ratio
The graphical representation of Future Generali Life’s claim settlement ratio for 5 years is given below.
[caption id="attachment_2906" align="aligncenter" width="600"] Graphical representation of Future Generali Life Claim[/caption]
The above graph indicates the claim settlement ratio of Future Generali Life insurance has increased every year in a growth state. Also, there is some decreasing state could find in the year of 2016-17. After that, for next 2 years the stability have been maintained by that company, which is good.
Review of Future Generali Life’s Claim Settlement Ratio
The basics of life insurance company is to provide financial security or claim if the insured person is no more. But insurance companies rejected and pending some of the claims due to some reason. None of the insurance companies aim is to reject their customer claims and also that’s depends on the details providing at the time of entering in to the insurance policy. People have a responsibility to provide correct details required at the time of taking the policy. At the time of claim, the pending can be avoided by providing required documents to settle the claim.
By using the above data, the claim settlement ratio of Future Generali Life Insurance is good. But, for better claim settlement ratio the company have to reduce the number of claims intimated and also increase the number of claim settlement.