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 PNB MetLife Insurance claim settlement ratio in the financial year of 2018-19 and also provide comparison of last 5 years claim settlement ratio.
PNB METLIFE INSURANCE
PNB MetLife India Insurance Company Limited is one of the leading life insurance companies in India. The shareholders of this company are MetLife International Holdings LLC(MIHL), Punjab National Bank (PNB), Jammu & Kashmir Bank Limited (JKB), M.Pallonji and Company Private Ltd and other private investors. PNB and MetLife are the major shareholders of this company since the stating 2001.
MetLife is one of the leading Global Life provider and PNB is one of the oldest leading creditability and reliability nationalized Bank, both brings together to make financial strength of PNB MetLife.
The vast distribution reach of PNB together with Global insurance expertise made the product range to be trustful and fulfill to their customers and make more stronger the MetLife.
OPERATIONS OF PNB METLIFE
PNB MetLife is present in 107 locations across the India and serving over 100 million customers in more than 11,000 locations through the strongest banking partners.
Both insurance company and their partners offering the products for their customers in 4 different stages of the life circle - Family protection, Child Education, Long term savings and Retirement. For that they offer 16 savings product, 13 protection product, 5 pension product and 8 0ptional riders to meet their portfolio.
PNB MetLife also having the wide range of protection and retirement products and deliver through its agents of over 7,338 financial advisors and bank partners and had 659 corporate clients in India. For the above vast range of covering people with products this company making profit continuously from the last 5 years.
Claim Settlement Ratio of PNB MetLife 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 in a financial year) / (Total no of claims received in a 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 PNB MetLife Insurance Company in the financial year 2018-19 is 96.21%.
[caption id="attachment_3373" align="aligncenter" width="606"] Claim Settlement Ratio of PNB MetLife Insurance[/caption]
Claim details of PNB MetLife Insurance
PNB MetLife Claim Settlement 2018-19
|Claims pending at the starting of FY||8|
|No of claims intimated in FY 2018-19||4162|
|Total No of Claims||4170|
|No of Paid Claims||14897|
|No of Claims Rejected||157|
From the above details, PNB MetLife Insurance Company settled 96.21% of death claims against the total number of claims received in the financial year of 2018-19
The rejection ratio of PNB MetLife is 3.76% and pending ratio is 0.03% in the year of 2018-19.
As per the details provided by IRDAI, PNB MetLife has paid 204 crores of claim amount against 14897 claims.
Claim Settlement Ratio of PNB MetLife 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.
For all 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 PNB MetLife for last 5 years are given below
|Financial Year||Claim Settlement Ratio|
The graphical representation of PNB MetLife’s claim settlement ratio for 5 years is given below.
[caption id="attachment_3374" align="aligncenter" width="618"] Claim History of PNB MetLife Insurance[/caption]
The above graph clearly indicates that the history of claim settlement ratio of PNB MetLife is not stable in the financial year of 2015-16. After that the company has increased their claim settlement ratio by providing claims to their customers. Even though PNB MetLife increasing their claim settlement ratio the percentage of claim settled is very low.
Review of PNB MetLife’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 said earlier in this article, the claim settlement ratio of PNB MetLife is poor and not stable across the year. By improving their settlement ratio towards claim intimated in a financial year, the company should settle more claims along with try to decrease their number of claims intimated in financial year.
|Source : IRDAI|
|PNB METLIFE INSURANCE|