Bajaj Allianz Life Insurance Company Limited is a joint venture between Bajaj Finserv Limited and Allianz SE. Bajaj Allianz Life Insurance offers insurance solutions that cater to every need and segment of customers. It has a strong product portfolio base from Term insurance to Child plans, from Pension plans to different investment plans and from group insurance to saving plans; it is present in almost all segments.
The Claim Settlement Ratio is expressed as the number of claims settled divided by the total number of claims reported in a given financial year, including the claims outstanding at the beginning of the financial year. The claim settlement ratio is expressed in percentage which is helpful for comparing the claim settlement data by the customer across insurers. The claim settlement ratio is calculated for every financial year.
|Claim Settlement Ratio = Total claims settled / Total claims received
where, Total Claims received = (Claims reported in the financial year + claims pending at the start of the year)
Consistency of the CSR year on year is an ideal way to give preference to the insurance company. Consistency to maintain a higher claim settlement ratio is considered to be good. Past claims settlement ratio trends will reveal the consistency and inclination of the Bajaj Allianz Life Insurance Co. towards settlement of death claims.
It signifies the position where Bajaj Allianz Life Insurance Co. lies, in respect to other life insurers in the industry from the financial year 2012-13 to 2016-17. This rank is based on the claim settlement percentage attained by Bajaj Allianz Life Insurance Co. in the respective financial years.
The latest Claim Settlement Ratio for the Financial Year 2016-17 is 91.67%.
|Life Insurer||Claims pending at the start of the period||Claims Intimated
|Total Claims (Claims Pending+Claims Intimated)||Claims Paid
|Bajaj Allianz Life||423||15816||16239||14887||91.67%|
- The claim settlement ratio of 91.67% is the indicator of the number of death claims settled by Bajaj Allianz Life against the total claims 16239 reported for the FY 2016-17.
- Rs 354.87 Crores of amount has been paid as the claim amount against 14887 claims reported in the FY 2016-17 by Bajaj Allianz Life Insurance Company.
- 932 claims have been rejected, resulting in Claim Repudiation of 5.74% for the FY 2016-17.
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