IDBI Federal Life Insurance Claim Settlement Ratio
Table Content
About IDBI Federal Life Insurance Co.
IDBI Federal life insurance Company is a composition of three major players which are IDBI Bank, India’s premier development and commercial bank, Federal Bank, one of India’s leading private sector banks, and Ageas, a multinational insurance giant based out of Europe. The company commenced its operations in 2008. The company is offering various insurance solutions such as term plans, child, ULIP, savings, and retirement plans to its customers.
How Claim Settlement Ratio (CSR) is measured?
The Claim Settlement Ratio is expressed as the number of claims settled divided by the total number of claims reported in a given financial year, including the claims outstanding at the beginning of the financial year. The claim settlement ratio is expressed in percentage which is helpful for comparing the claim settlement data by the customer across insurers. The claim settlement ratio is calculated for every financial year.
| Claim Settlement Ratio = Total claims settled / Total claims received where, Total Claims received = (Claims reported in the financial year + claims pending at the start of the year) |
Past 5 years CSR Trends for IDBI Federal Life Insurance Co.
Consistency of the CSR year on year is an ideal way to give preference to the insurance company. Consistency to maintain a higher claim settlement ratio is considered to be good. Past claims settlement ratio trends will reveal the consistency and inclination of the IDBI Federal Life Insurance Co. towards the settlement of death claims.
Rank in Claim Settlement among other Life Insurers
It signifies the position where IDBI Federal Life Insurance Co. lies, in respect to other life insurers in the industry from the financial year 2015-16 to 2019-20. This rank is based on the claim settlement percentage attained by IDBI Federal Life Insurance Co. in the respective financial years.
CSR of IDBI Federal Life Insurance Co. for the Financial Year 2019-20
The latest Claim Settlement Ratio for the Financial Year 2019-20 is 96.47%.
| Life Insurer | Claims Rejection (FY 2019-20) | Claims Intimated (FY 2018-19) | Total Claims (Claims Pending + Claims Intimated) | CSR% (FY 2018-19) | CSR% (FY 2019-20) |
|---|---|---|---|---|---|
| IDBI Federal Life | 3.18% | 1416 | NA | 95.79% | 96.47% |
- The claim settlement ratio of 96.47% is the indicator of the number of death claims settled by IDBI Federal Life against the total claims of 1065 reported for FY 2019-20.
- The claims have been rejected, resulting in a Claim Repudiation of 3.18% for the FY 2019-20.
