Max Life insurance has achieved a very good claim settlement ratio this year, 93.86 % and
their pending claim ratio is 0.04 %.
If you compare with Reliance Life (as I took previous example from Reliance) who has a claim settlement ratio 81.97 % and
pending claim ratio is 7.16 %.
Not exact matches
The other end is the
claims pending ratio.
While considering
claim spending
ratio, check the age of
pending claims.
* The
Claim settlement
ratio may look better than reported earlier in the post because I have removed the
pending claims while calculating the
ratio.
If there are any
claims which are yet to be processed in the same financial year, in which the
claim is made then the
pending ratio would be
I thought to add few points to Gopal Gidwani on
Claim Settlement
Ratio (CSR),
Claim Pending Ratio (CPR),
Claims Repudiation
Ratio (CRR).
Claim Pending Ratio (CPR): This means what percentage of claims are pending out of total number of claims
Pending Ratio (CPR): This means what percentage of
claims are
pending out of total number of claims
pending out of total number of
claims booked.