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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.
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|
To help better understand what that means, and how that’s important, let’s first ask the question – what is claim settlement ratio?
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.
The latest IRDAI Annual Report indicates that the claim settlement ratio for the financial year 2017-18 is a whopping 93.72%, with over Rs. 119 crores paid as the claim amount against over 2881 claims (out of 3074 received in total). Only 175 claims have been rejected, with a nominal claim renounce rate of 5.69%.
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 your insurance claim settlement is in safe hands.
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