Winning Bizness Desk

Mumbai. National Insurance Awareness Day was celebrated on 28 June across the country to spread awareness about insurance. On the special occasion of insurance awareness, the country's largest online insurance platform company Policy Bazaar.com released its report on insurance claims and settlement. Titled 'Is India Happy with Insurance Claim', this survey of Policy Bazaar included women and men of different ages from cities to rural areas. According to the report, the situation regarding health insurance claims has improved very rapidly in the last few years and 94 out of every 100 claims in the country have been approved. In such a situation, the insurance claim settlement ratio has been 94 percent. Companies are accepting the claims of most customers.

Only 6% claims rejected

There were only 6 percent of such claims which could not be settled. Apart from this, 86 percent of the people in the survey said that they are happy with their insurance claim settlement experiences. Digital platforms have contributed a lot in increasing the claim settlement rate. With the use of digital platforms, the online claim rejection rate has now come down from 6 percent to 2.5 percent. This report also revealed that 86 percent of health insurance customers in the country are satisfied with their claim settlement experience. In this, 40 percent of the customers have expressed very high satisfaction. The process of claim settlement has improved due to cashless claim settlement of insurance companies, use of fewer documents and online platforms.

86 % of customers satisfied!

Insurance regulator IRDAI has recently launched the Insurance Everywhere initiative to promote facilities like cashless. In this, companies have been asked to settle claims in just three hours. The effect of this initiative is now visible on the time taken for claim settlement. This report also revealed that in half of the 6 percent of rejected claims, customers had not informed the insurance companies about their illness in advance. In such a situation, this remains a major reason for insurance claim rejection. This report also says that despite 86 percent of customers expressing satisfaction, there is still scope for some improvement in claim settlement.