The claim settlement ratio is the percentage of total claims that an insurer settles during a financial year. It is a key metric to gauge an insurer’s performance.
Icici Lombard Health Insurance has consistently maintained a high claim settlement ratio over the years, with a 97% claim settlement ratio in FY2019-20. This means that out of every 100 claims filed, 97 were settled by the company during the year.
One of the reasons for Icici Lombard’s high claim settlement ratio is its strong focus on customer satisfaction. The company has a dedicated team that works closely with policyholders and ensures that their claims are processed quickly and efficiently.
Another reason for Icici Lombard’s high claim settlement ratio is its large network of hospitals and health care providers across India. This allows policyholders to get quick and easy access to treatment, which helps to reduce overall costs and speeds up the claims process.
If you are looking for an health insurance company with a strong track record of settling claims, then Icici Lombard is definitely worth considering.