As per IRDAI annual report, the latest claim settlement ratio of IndiaFirst Life Insurance is 96.65% for the Financial Year 2019-20. IRDAI release CSR report every year and with this they release the performance of the insurance company. Last few years was quite tough for IndiaFirst Life Insurance, IndiaFirst Life Insurance did really better in FY 2019-20 and it’s highest percentage in term of CSR.
| 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) |
|---|---|---|---|---|---|
| IndiaFirst Life | 2.95% | 2241 | NA | 92.82% | 96.65% |
- The claim settlement ratio of 96.65% is the indicator of the number of death claims settled by IndiaFirst Life Insurance against the total claims 2241 reported for the FY 2019-20.
- Rs 75 crores has been paid as the claim amount against 2081 claims reported in the FY 2018-19 by IndiaFirst Life Insurance Company.
- The claims have been rejected, resulting in Claim Repudiation of 2.95% for the FY 2019-20.
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Past 5 years CSR Trends for India First 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 IndiaFirst Life Insurance Co. towards the settlement of death claims.
Let’s go through the past 5 years’ CSR trend of IndiaFirst Life Insurance Company.
| Financial Year | Claim Settlement Ratio (%) |
|---|---|
| 2015-16 | 71.87% |
| 2016-17 | 82.65% |
| 2017-18 | 89.83% |
| 2018-19 | 92.82% |
| 2019-20 | 96.65% |
IndiaFirst Rank in Claim Settlement among other Life Insurers
CSR rank signifies the position where IndiaFirst Life Insurance Company lies, with respect to other life insurers in the industry from the financial year 2015-16 to 2019-20. This rank is based on the claim settlement percentage attained by IndiaFirst Life Insurance Co. in the respective financial years.
How Claim Settlement Ratio (CSR) is calculated?
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) |