As per IRDAI annual report, the latest claim settlement ratio of Shriram Life Insurance is 91.61% for the Financial Year 2019-20. IRDA report rank the best insurance company every year and this is how IRDA help customer for making best decision for them. Insurance is a basic need of life and after Covid-19, insurance become necessary for everyone.
| 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) |
|---|---|---|---|---|---|
| Shriram Life | 6.34% | 3074 | NA | 85.30% | 91.61% |
- The claim settlement ratio of 91.61% is the indicator of the number of death claims settled by Shriram Life Insurance against the total claims 3074 reported for the FY 2019-20.
- Rs 93.38 crores has been paid as the claim amount against 2414 claims reported in the FY 2019-20 by Shriram Life Insurance Company.
- 334 claims have been rejected, resulting in Claim Repudiation of 6.34% for the FY 2019-20.
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Past 5 years CSR Trends for Shriram 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 Shriram Life Insurance Co. towards the settlement of death claims.
Shriram Life Insurance Company was never top company in India, but the way their CSR report increasing year by year. It shows that Shriram Life Insurance Company is one of best insurance company and they still trying to touch the mark of 100%. As we all know we all want more in every term, and if any company’s have 100% CSR than it make a positive impression on us and we all want go with the same company.
Let’s go through the past 5 years’ CSR trend of Shriram Life Insurance Company.
| Financial Year | Claim Settlement Ratio (%) |
|---|---|
| 2015-16 | 60.24% |
| 2016-17 | 63.53% |
| 2017-18 | 80.23% |
| 2018-19 | 85.30% |
| 2019-20 | 91.61% |
Shriram Life Rank in Claim Settlement among other Life Insurers
CSR rank signifies the position where Shriram Life Insurance Company lies, with respect to other life insurers in the industry from the financial year 2014-15 to 2018-19. This rank is based on the claim settlement percentage attained by Shriram Life Insurance Co. in the respective financial years.
Well, last year was tough for everyone and Covid-19 ruined almost everything, still insurance company try to manage every settlement and they are committed towards their goal. Look customer is a first priority of every insurance company and the coverage of plan making things easy for company and customer too.
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) |