As per IRDAI annual report, the latest claim settlement ratio of Aditya Birla Sun Life Insurance is 97.54% for the Financial Year 2019-20. Aditya Birla Sun Life Insurance Co. is one of the reputed insurance companies and the CSR report of the last two years is quite the same and it shows that they are trying to make the best impact they can and its highest CSR report percentage in last 5 years.
| 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) |
|---|---|---|---|---|---|
| Aditya Birla Sun Life | 2.09% | 5162 | NA | 97.15% | 97.54% |
- The claim settlement ratio of 97.54% is the indicator of the number of death claims settled by Aditya Birla Sun Life Insurance against the total claims 5260 reported for FY 2019-20.
- Rs 276 crores has been paid as the claim amount against 5110 claims reported in FY 2018-19 by Aditya Birla Sun Life Company.
- The claims have been rejected, resulting in a Claim Repudiation of 2.4% for FY 2019-20.
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Past 5 years CSR Trends for Aditya Birla Sun 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 Aditya Birla Sun Life Insurance Co. towards the settlement of death claims.
Let’s go through the past 5 years’ CSR trend of Aditya Birla Sun Life Insurance Company.
| Financial Year | Claim Settlement Ratio (%) |
|---|---|
| 2015-16 | 88.45% |
| 2016-17 | 94.69% |
| 2017-18 | 96.38% |
| 2018-19 | 97.15% |
| 2019-20 | 97.54% |
Aditya Birla Sun Life Rank in Claim Settlement among other Life Insurers
CSR rank signifies the position where Aditya Birla Sun 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 Aditya Birla Sun Life Insurance Co. is the basis of the rank identified in the respective financial years.
Aditya Birla Sun Life Insurance Co.’s last two years are quite consistent, almost the same report of CSR is proof of consistency. And it is quite hard to maintain the same image in terms of CSR and hold the position strongly also. Well, Aditya Birla Sun Life Insurance Co. has had a good performance last few years and the lower CSR graph is proof of it.
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) |