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Are you planning to purchase an insurance policy offered by HDFC ERGO or are you already an existing customer? Then, it would be cognizant of you to know about the claim settlement ratio of HDFC ERGO.
Knowing the claim settlement ratio of a company can give you an accurate idea of the claim servicing temperament of an insurance company, and is an important metric that potential policyholders should keep their eye on.
In this article, we will talk in detail about:
In simple terms, a claim settlement ratio means the percentage of total claims paid by the insurance provider out of the total claims reported during the financial year. A claim settlement ratio or CSR is one of the most crucial indicators to keep in mind when deciding on an insurance company as this ratio indicates how dedicated and reliable the company is in settling genuine claims.
Higher the claim settlement ratio of the insurance company, the more likely it is to settle the claims of its policyholders. The claim settlement ratio or CSR applies to all insurance-related plans and policies like term insurance, health insurance, motor insurance, and so on.
A claim settlement ratio or CSR higher than 75% is considered to be a good claim settlement ratio. A claim settlement ratio above 90% is deemed to be an excellent ratio signifying that the company is highly efficient in settling the claims of its customers. A claim settlement ratio below 50% indicates that the insurance provider is strict in processing, assessing claims and underwriting standards.
For instance, if an insurance company has received a total of 10,000 claims out of which it settles 8,500 claims, then the CSR of that company for that financial year is 85%.
HDFC Ergo has an in-house claim settlement team that is dedicated to processing and settling the claims of its customers. You can now easily register your claim with the company in a matter of minutes. The in-house claim settlement team will direct and guide you in every step of the process. Below mentioned is the claim settlement ratio (CSR) of HDFC ERGO for the following years:
|Financial year||Claim settlement ratio|
|FY 2018- 2019||62%|
As mentioned earlier, the company’s in-house team provides dedicated service to its customers during the claim settlement process. The company takes up to a period of seven working days from the date of submission of all documents to process claims.
Below provided is the claim settlement ratio of HDFC ERGO Motor Insurance for the following years:
Claim settlement ratio
FY 2022- 2023
FY 2020 – 2021
FY 2018- 2019
Follow these simple steps laid down by us to file your claim with HDFC ERGO Health Insurance:
There are two ways a policyholder can file a claim. You can opt for a cashless or reimbursement claim process. First, let us tell you about the cashless claim process.
Note: In case, the claim has not been approved the company will state the reasons for the same in writing.
The policyholder can file for a reimbursement claim when admitted to a non-network hospital of the company. In such a scenario, the policyholder will have to avail of the treatment and pay the hospital bill from his own pocket. The insurance company will then reimburse the policyholder after initiation and proper submission of documents.
Follow these simple steps laid down to initiate a reimbursement claim:
Below provided are a few important documents that you need to submit in order to file for a claim:
It is always advisable for customers to be vigilant and check the claim settlement ratio of an insurance company before purchasing its plans. The whole purpose of buying an insurance product is to protect oneself during tough times. Therefore, it is recommended to purchase a plan from an insurance company that has a high claim settlement ratio even if the insurance company charges a marginally higher premium compared to its competitors.
This article is written by Team InsuranceLiya.com, an independent website that writes about insurance, finance, health, and more. Our writers have a wealth of knowledge, experience, and degrees in the fields of insurance, finance, economics, and beyond.