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United India Car Insurance Claim Settlement Ratio – Mumbai: New India Assurance, Royal Sundram and Universal Sompoo have the highest claims settlement rate in the non-life industry. The ratio represents the number of complaints resolved over a period of time and is an important indicator of customer service.
According to a report by the Insurance Brokers Association of India (IBAI), billing efficiency is not specific to a particular segment of the industry.
United India Car Insurance Claim Settlement Ratio
Each of the three sectors – public, large private and small private – are leading and trailing. Since September 2016, IBAI has published a guide to measuring performance metrics for non-life companies so that customers can make informed decisions when choosing a company.
Digit Car Insurance
In the public sector, New India Trust is way ahead of its peers with 71%, while the closest man is United India with 55.4%. The other two companies – Eastern and National Insurance – 46.7% and 45.4%.
Meanwhile, publicly released data shows that two public sector insurers – Oriental Insurance and United Insurance of India – are exceeding legal prescriptions. Solvency margin is the minimum capital requirement set by the regulator. United India Insurance is at 1.15% as on March 2017 and Oriental Insurance is at 1.18% as on 30 June. According to Sanjay Kedia, director of IBAI, companies with high cash flows in the automotive and healthcare sectors are prospering as their claims are settled after being assessed by administrators or third-party garages. However, all available data is based on the number of claims, as there is no clear data on the cost of claims.
Kedia added that the insurance regulator has allowed brokers to represent companies even from Rs 1 million to Rs 10 million. Previously, brokers were allowed to offer companies up to 1 million rubles.
Public sector insurer New India Assurance also fared well in terms of claims rejection rate, with just 1.2% rejections. Among the large private sector insurers, Iffco Tokio has the lowest denial rate at 0.05%, while Raheja QBE has not denied any claims among smaller insurers. Eastern Insurance has the highest number of rejected claims at 4.26%.
Top 5 Car Insurance Companies In India 2021
ICICI Lombard has the highest rejection rate in the private sector at 7.8%. According to the company, this is due to an advanced fraud detection system that helps eliminate a large number of fraudulent claims.
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New India Assurance Vs Oriental Car Insurance Comparison 2024
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