The 10 best health insurance companies with high Claim Settlement Ratio. The claim settlement ratio (CSR) still continues to be a significant parameter to assess health insurance companies in India till the financial year 2023-24. The CSR shows the insurer’s ratio of claims that they settle in a certain amount of time and hence it indicates the insurer’s performance and credibility.
Best Health Insurance Companies in India Based on Their Claim Settlement Ratio As per the statistics provided by the Insurance Regulatory and Development Authority of India (IRDAI) and some other credible source, here’s the list of top 10 health insurance companies in India according to their claim settlement ratio:PolicyX
What is Claim Settlement Ratio (CSR)
The CSR is computed as the number of claims cleared divided by the gross number of claims received and is expressed as a percentage.
A higher CSR means that there is a better chance of the claims being settled quickly. This is an important factor for policyholders who need prompt medical help.
Other (Additional) Factors to Keep in Mind
Though CSR is an important barometer, there are other metrics you should be looking for when you assess health insurance companies:
Incurred Claim Ratio (ICR).
It is the ratio of the claims that an insurance company needs to pay in proportion to the premium that it receives. A stable ICR indicates that the company has an efficient equilibrium between premium collection and claim settlement.
Solvency Ratio.
This is an indicator of whether the insurer can pay its liabilities in the long term. The higher the solvency ratio, the healthier the company is financially.
For example, Care Health Insurance has a 100% CSR and 24,800+ network hospitals with ICR of 57.69%. Which are good indicators that the claim process is smooth and the finances are healthy.
The 10 best health insurance companies with high Claim Settlement Ratio.
- Care Health Insurance Ltd. – 100 % CSR.
- Niva Bupa Health Insurance Co. Ltd. – 100% (CSR)
- ManipalCigna Health Insurance Co. Ltd. – 99.96% Expenditure on CSR
- Aditya Birla Health Insurance Co. Ltd. – its 99.01% CSR
- Star Health and Allied Insurance Co. Ltd. 99.21% CSR
- Reliance General Insurance Co. Ltd. – 98.75% CSR
- 98.59% CSR – HDFC ERGO General Insurance Co. Ltd.
- Zuno General Insurance Co. Ltd. – 98.54%. CSR
- ICICI Lombard General Insurance Co. Ltd. – 98.53% of CSR
Conclusion of 10 best health insurance companies with high Claim Settlement Ratio
Ensuring that your medical claims is settled in a timely manner. Its very important that you choose health insurer with a high claim settlement ratio.
The companies above have excelled at resolving claims quickly.
But it is equally significant that you also look at other variables like network hospitals, incurred claim ratios, and solvency ratios to reach to an informed decision that meets your healthcare requirements.
If you have questions about comparing plans or about other metrics such as how much you’re paying for premiums or what you can use your insurance for, I’m more than happy to address those as well.
