As per IRDAI annual report, the latest claim settlement ratio of Kotak Life Insurance is 96.38% for the Financial Year 2019-20. Claim Settlement Ratio is a kind of definition of every company’s performance , and it’s launched every year by IRDA to giving a brief view about the performance of Insurance companies.
|Life Insurer||Claims Rejection (FY 2019-20)||Claims Intimated
|Total Claims (Claims Pending+ Claims Intimated)||CSR%
- The claim settlement ratio of 96.38% is the indicator of the number of death claims settled by Kotak Life against the total claims 3346 reported for the FY 2019-20.
- Rs 192.87 crores has been paid as the claim amount against 3346 claims reported in the FY 2019-20 by Kotak Life Insurance Company.
- 67 claims have been rejected, resulting in Claim Repudiation of 3.35% for the FY 2019-20.
Past 5 Years CSR Trend for Kotak Life Insurance
Consistency of the CSR year on year basis is the right way to judge a life insurance company for a smooth & quick settlement of death claims. For an insurance company, maintaining a consistent higher claim settlement ratio is considered to be good.
Well, to be honest FY 2019-20 was suffering from Covid-19 and last year was lazy in term of financial. Covid-19 was like paralyzed issue in financial body but still insurance company served people with all. In FY 2019-20 Kotak Life insurance company served 3346 more than last financial year FY 2018-19.
Let’s go through the past 5 years’ CSR trend of Kotak Life Insurance Company.
|Financial Year||Claim Settlement Ratio (%)|
Kotak Life Rank in Claim Settlement among other Life Insurers
CSR rank signifies the position where Kotak 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 Kotak Life Insurance Co. in the respective financial years.
In term of ranking among 24 different insurance companies, Kotak Life Insurance always try to find best position in top 10 but they still fighting for their position. Struggle is still on but the way Kotak Life Insurance serving people and number of people increasing year by year. It has a special impact on people, Kotak is in 20th position in FY 2019-20.
How Claim Settlement Ratio (CSR) is calculated?
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)