As per IRDAI annual report, the latest claim settlement ratio of Tata AIA Life Insurance is 99.06% for the Financial Year 2019-20. Tata AIA is one of the best insurance companies and in the last few years, Tata AIA did really well and always make place top 5 best insurance companies in terms of CSR. IRDA recently launched a CSR report of every insurance company and Tata AIA owns third place in best insurance companies.
In FY 2019-20 Tata AIA did a really good performance and make things possible for their customer and the CSR percentage is the witness of performance.
| 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) |
|---|---|---|---|---|---|
| Tata AIA Life | 0.94% | 2982 | NA | 99.07% | 99.06% |
- The claim settlement ratio of 99.06% is the indicator of the number of death claims settled by Tata AIA Life Insurance against the total claims 2982 reported for FY 2019-20.
- Rs 231 crores have been paid as the claim amount against 2982 claims reported in FY 2019-20 by Tata AIA Life Insurance Company.
- The claims have been rejected, resulting in a Claim Repudiation of 0.94% for FY 2019-20.
Table Content
Past 5 years CSR Trends for Tata AIA Life Insurance Co.
Consistency to maintain a higher claim settlement ratio through the past 5 years is considered to be good. The past claims settlement ratio trends will reveal the consistency and inclination of the Tata AIA Life Insurance Co. towards the settlement of life claims.
If we talk about consistency and maintaining consistency is big deal for every insurance company but Tata AIA did really better and also showed some consistency in their service towards customers in the last 5 years. In the last 5 years, Tata AIA hold the 3rd position and 3 times, apart from this Tata AIA successfully take place 4 times in the top 5 best insurance companies, and last year Tata AIA was first and only best among 24 insurance companies.
Let’s go through the past 5 years’ CSR trend of Tata AIA Life Insurance Company.
| Financial Year | Claim Settlement Ratio (%) |
|---|---|
| 2015-16 | 96.80% |
| 2016-17 | 96.01% |
| 2017-18 | 98.00% |
| 2018-19 | 99.07% |
| 2019-20 | 99.06% |
TATA AIA Life Rank in Claim Settlement among other Life Insurers
CSR rank signifies the position where Tata AIA Life Insurance Company lies, with 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 Tata AIA Insurance Co. in the respective financial years.
Well, in rank Tata AIA lose its first position but still, Tata AIA is one of the best insurance companies and Tata AIA still holds the third position and it means a lot when anyone holds the third position among 24 insurance companies.
How Claim Settlement Ratio (CSR) is calculated?
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) |