Companies With Best Health Insurance Claim Settlement Ratio

Choosing a suitable health insurance provider is one of the crucial steps of buying a health insurance policy. The health insurance providers can be listed in different orders depending on the factors considered for assessing the insurer. It can be sorted on the basis of the coverage provided, affordability of the plans, claim settlement ratio, customer reviews, and a lot more. However, claim settlement ratio is one of the most important and worthy factors that can be considered as the policy covers efficiency depending on its claim process. 

Health insurance plans are purchased for financial support which is provided by the claim settlement process. A claim settlement ratio of the company determines the effectiveness of the claim settlement process of the insurer and it rates the claim settling ability. The customer should consider the companies with the higher claim settlement ratio to make sure that their claims are settled smoothly and quickly at the time of a medical emergency. You can compare the insurance providers with the highest claim settlement ratio and research on their features and benefits to choose a suitable policy cover for yourself. 

What Is A Claim Settlement Ratio? 

A claim settlement ratio is the parameter which determines the claim settling abilities of the health insurance providers. Higher the claim settlement ratio, higher is its ability to settle the claims without any hassles. The claim settlement ratio is determined on an annual basis and companies like IFFCO Tokio, Care, Magma HDI, Oriental, etc. were the highest achievers in the FY 2020. This ratio can help you determine the features like customer friendliness and claim settlement process of a health insurance company. 

Companies With Best Health Insurance Claim Settlement Ratio 

Let us look at some of the health insurance providers with the highest claim settlement ratio in the financial year 2020: 

1. IFFCO Tokio Health Insurance 

It is one of the prominent health insurance firms in the insurance market with a claim settlement ratio of 96.33% in FY 2019-20. The company has a network of 5,000+ hospitals to provide cashless claim benefits to its customers with not much effort. It offers comprehensive and affordable health insurance policies to its customers. 

2. Care Health Insurance 

After getting approved in the year 2012, Care health insurance has become one of the leading insurance providers in the private sector market. It provides a variety of plans to its customers and rolls out health insurance policies to individuals, families, and groups. It achieved a claim settlement ratio of 95.47% in FY 2019-20 and has a network of around 7,400+ hospitals for the benefit of its customers during the claim settlement process. 

3. Oriental Health Insurance Company 

This health insurance provider has a huge base of trusted customers and is a government owned insurance company. With a wide network of hospitals and offices around the country it continues to serve its customers with the best and it incurred a claim settlement ratio of 93.96% in FY 2019-20. It is widely known for its responsive customer care and immediate claim settling process. 

4. Bajaj Allianz Health Insurance  

Bajaj allianz health insurance company has a wide network of around 6,500+ hospitals for cashless claim facilities and it provides interesting and exclusive insurance products to its policyholders at an affordable price. The company has been recognized with several awards for its work in the insurance market and had a claim settlement ratio of 92.24% in FY 2019-20. 

5. New India Assurance Health Insurance  

This is a multinational health insurance company operated by the Government of India in around 28 countries across the globe. The company is known for its strength and stability with the claim settlement ratio of 92.68% in FY 2019-20. The company has a network of 1,500+ hospitals for the cashless claim settlement of the policyholders. 

Conclusion 

There are several companies with a good claim settlement ratio therefore, you must conduct ample amount of research before buying a health insurance policy from an insurance provider. You can look for the customers reviews and their claim settlement experience with a health insurance company. 

Also Read: Difference Between Incurred Claim Ratio And Claim Settlement Ratio

How To Register A Complaint Against Health Insurance Claim

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.