As per IRDAI annual report, the latest claim settlement ratio of Bharti AXA Life Insurance Company is 97.35% for the Financial Year 2019-20. IRDAI CSR report gives leverage to people to decide something better. Insurance becomes a basic need of every people after Covid-19 and choosing the best insurance company is the first to need of every people and IRDAI report helps people to make the best decision.
| Life Insurer | Claims Rejection (FY 2019-20) | Claims Intimated (FY 2018-19) | Total Claims (Claims Pending + Claims Intimated) | CSR% (FY 2018-19) | CSR% (FY 2019-20) |
|---|---|---|---|---|---|
| Bharti AXA Life | 2.50% | 1320 | NA | 97.28% | 97.35% |
- The claim settlement ratio of 97.35% is the indicator of the number of death claims settled by Bharti AXA Life Insurance against the total claims 1320 reported for FY 2019-20.
- Rs 47 crores has been paid as the claim amount against 1036 claims reported in FY 2018-19 by Bharti AXA Life Insurance Company.
- The claims have been rejected, resulting in a Claim Repudiation of 2.50% for the FY 2019-20.
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Past 5 years CSR Trends for Bharti Axa Life Insurance Co.
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 Bharti AXA Life Insurance Co. towards the settlement of death claims.
Let’s go through the past 5 years’ CSR trend of Bharti AXA Life Insurance Company.
| Financial Year | Claim Settlement Ratio (%) |
|---|---|
| 2015-16 | 80.02% |
| 2016-17 | 92.37% |
| 2017-18 | 96.85% |
| 2018-19 | 97.28% |
| 2019-20 | 97.35% |
Bharti AXA Life Rank in Claim Settlement among other Life Insurers
The Claim Settlement Ratio (CSR) rank signifies the position where Bharti AXA Life Insurance Company lies, with respect to other life insurers in the industry from the financial year 2015-16 to 2019-20. The claim settlement percentage attained by Bharti AXA Life Insurance Co. is the basis of the rank identified in the respective financial years.
Well, Ups and Down are the rules of life, and the rule of life applies everywhere. Last year was quite hard to survive, Covid-19 virus make things hard for people and for business also. And It was bad for everyone, the insurance service provider companies have to face more struggle in comparison to others. But they serve with their all and Bharti AXA Life Insurance Company also contribute in this hard time and they nothing did different they did only what they know for doing.
How Claim Settlement Ratio (CSR) is measured?
The Claim Settlement Ratio is 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) |