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Claim Settlement Ratio of Kotak Life Insurance is 97.40% for financial Year 2018-19 as per IRDA annual report.
|Life Insurer||Claims Paid (FY 2018-19)||Amount Paid (in Rs Cr)||CSR% (FY 2018-19)|
The latest IRDAI Annual Report indicates:
Founded in 2001, Kotak Mahindra Life Insurance Company Ltd is one of the fastest-growing insurance companies in India. With its head office in Mumbai, the company is a 100% owned subsidiary of Kotak Mahindra Bank Ltd.
Today, with close to 20 million policyholders across the country, it encompasses various insurance needs across the board. These include savings and investment plans, child plans, retirement plans, and protection plans.
Over the years, Kotak Life has established a very high claim settlement ratio, making it one of the most trusted entities in the insurance sector.
A Claim Settlement Ratio (CSR) is basically the ratio of number of claims settled by an insurance provider to the total number of claim requests received by them in a given accounting period. As such, it is always expressed as a percentage and it is very easy to measure.
To cite an example, let’s say, a life insurance company has received a 100 claims in a given financial year. Out of which, it has successfully settled 97 claims. Thereby the company’s claim settlement ratio is said to be 97% that given year. It also means that the remaining 3% of claims have been rejected.
Most people overlook this, but when selecting choosing an insurance policy, it’s absolutely essential that you assess the claim settlement ratio of the insurance company before buying the product.
Life insurance is a crucial tool as you plan your future dependency according to it. If this safety net were to fail, all your measured planning would go in vain and your family would have to suffer the consequences. Hence, choosing a policy which is reliable and dependable becomes of utmost importance. This is where the role of claim settlement ratio comes in
play. CSR is a reliable metric as it depicts the reliability of an insurer. This ratio gives you a percentage of claims that have been settled by the insurance company. If a company doesn’t settle your claim, then the point of getting life insurance is defeated. CSR is a good measure for you to know which insurer will safeguard your interests and come through during the time of need.
When it comes to settling claims, consistency has been the driving factor at Kotak Life Insurance. These past claim settlement ratio trends ultimately paint the true picture.
|YEAR||Claim Settlement Ratio|
The latest IRDAI Annual Report indicates that the claim settlement ratio for the financial year 2018-19 is a whopping 97.40%, with over Rs. 137 crores paid as the claim amount against over 2959 claims (out of 3038 received in total).
Today, it’s become increasingly important to find an insurance provider who will make good on their promises. This is why the claim settlement ratio is so important. A company with a low settlement ratio hardly ever follows through on their promise of being there for you when things get difficult. When you select a trustworthy name like Kotak life insurance, and
given their high CSR rate, you can rest assured that Kotak Life Insurance Claim Settlement Ratio for the Financial Year 2017-18.
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