Claim Settlement Ratio: Why It’s Only One Part of the Bigger Insurance Picture

Published By: Mint

Published Date: 6th December 2024

​A recent report highlighted that several insurance companies in India settled less than 80% of the claims made by policyholders. This indicates a significant gap between the number of claims filed and the number of claims paid out, raising concerns about the efficiency and transparency of the claims settlement process. The report emphasizes the need for policyholders to be vigilant and proactive in understanding their insurance policies, ensuring that they are aware of the terms and conditions that may affect their claims.

It also suggests that insurance companies should work towards improving transparency and efficiency in their claims processes to build trust and satisfaction among their customers.