About IDBI Federal Life Insurance Co.
IDBI Federal life insurance Company is a composition of three major players which are IDBI Bank, India’s premier development and commercial bank, Federal Bank, one of the India’s leading private sector banks and Ageas, a multinational insurance giant based out of Europe. The company commenced its operations in 2008. The company is offering various insurance solutions such as term plans, child, ULIP, savings and retirement plans to its customers.
How Claim Settlement Ratio (CSR) is measured?
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)
Past 5 years CSR Trends for IDBI Federal Life Insurance Co.
Consistency of the CSR year on year is an ideal way to give preference to the insurance company. 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 IDBI Federal Life Insurance Co. towards settlement of death claims.
Rank in Claim Settlement among other Life Insurers
It signifies the position where IDBI Federal Life Insurance Co. lies, in 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 IDBI Federal Life Insurance Co. in the respective financial years.
CSR Details of IDBI Federal Life Insurance Co. for the Financial Year 2016-17
The latest Claim Settlement Ratio for the Financial Year 2016-17 is 90.33%.
|Life Insurer||>Claims pending at the start of the period||Claims Intimated
|Total Claims (Claims Pending+Claims Intimated)||Claims Paid
|IDBI Federal Life||20||1045||1065||962||90.33%|
- The claim settlement ratio of 90.33% is the indicator of the number of death claims settled by IDBI Federal Life against the total claims 1065 reported for the FY 2016-17.
- Rs 43.2 Crores of amount has been paid as the claim amount against 962 claims reported in the FY 2016-17 by IDBI Federal Life Insurance Company.
- 96 claims have been rejected, resulting in Claim Repudiation of 9.01% for the FY 2016-17.