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 ICICI Prudential 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.
ICICI PRUDENTIAL LIFE INSURANCE
ICICI Prudential Life Insurance Company is a joint venture between one of the most successful private financial services company, ICICI Bank and One of the leading International financial services group, Prudential PLC, Headquartered in UK.
The company began its operations in fiscal year 2001. The company which got first license to sell private insurance is ICICI prudential Life and got a AAA rating of National Insurer Financial Strength.
This company has been voted as India’s Most Trusted private Insurer for three consecutive years. The first company to crossed 1 trillion market of AUM is ICICI Prudential Life and also it is the first company in India for its shares are listed in BSE and NSE. ICICI prudential Life has consistently been amongst the top players in Indian Life Insurance sector.
This Company operates on the crore philosophy of customer centricity. ICICI Prudential Life offers various long-term savings and protection plans to meet the customer requirement through their various stages of life.
They implement and develop various initiatives to provide superior quality services, cost effective products, superior quality services, consistent fund performance and had hassle free claim settlement experience to their customer.
Claim Settlement Ratio of ICICI Prudential 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 claims paid during a financial year) / (Total no of claims received in a financial year)
While choosing the life insurance company to insure, it is an important factor to take into consider.
The Claim Settlement Ratio of ICICI Prudential Life Insurance in the financial year 2018-19 is 98.58%
[caption id="attachment_2937" align="aligncenter" width="578"] ICICI Prudential Claim Settlement Ratio[/caption]
Claim details of ICICI Prudential Life Insurance
ICICI Prudential Life Claim Settlement 2018-19
|Claims pending at the starting of FY||27|
|No of claims intimated in FY 2018-19||10799|
|Total No of Claims||10826|
|No of Paid Claims||10672|
|No of Claims Rejected||128|
As per the details provided in the above table ICICI Prudential Life Insurance Company has settled 98.58% of death claims against the total number of claims reported in the financial year of 2018-19.
The company has rejected 128 claims that leads its claim repudiation ratio as 1.18% in the year of 2018-19.
ICICI Prudential Life has paid 827 crores of claim amount for 10672 claims to their customers in the financial year of 2018-19.
Claim Settlement Ratio of ICICI Prudential 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 ICICI Prudential life for last 5 years is tabulated below.
Claim Settlement Ratio
The graphical representation of ICICI Prudential Life’s claim settlement ratio for 5 years is given below.
[caption id="attachment_2938" align="aligncenter" width="606"] Graphical Representation of ICICI prudential Life Claim[/caption]
From the above graph indicates that the claim settlement ratio of ICICI Prudential Life Insurance company has increased every year in a growth state. Also, the company maintain its consistency for providing claims to their customers year on year.
Review of ICICI Prudential 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.
Even though the company rejecting claims, the claim settlement ratio is stable and above 90%, which is very good. If the company try to reduce the number of claims and will settle more claims then the company will be a very good company to be insure.
Source: IRDAI You can also read about Aegon Life Insurance Company by using the link here ICICI PRUDENTIAL LIFE INSURANCE To know the review of ICICI Prudential Life before the financial year of 2009-14 by using this link ICICI Prudential Life Claim Settlement Review 2013-14