Team AckoFeb 28, 2023
ACKO’s motor claim settlement ratio is 95%*. This means that for every 100 motor claims that are registered with us, we settle 95 of them.
Why is claim settlement ratio important?
Claim settlement ratio is an indicator of an insurance company’s reliability. The greater the claim settlement ratio, the more assured you can be of your claim being settled.
How do I calculate the claim settlement ratio?
Claim settlement ratio is expressed as a percentage. The claims that the insurance company has settled in a year, divided by the claims it has received in the same year.
Why are some claims not settled?
The claims that are not settled are either rejected or they are still pending for settlement as on date of calculation.
Claims get rejected for a number of reasons. These reasons include fraud, misrepresentation or impersonation. The other number reason a claim is not shown as settled is because it is still pending with the insurer as on date of calculation.
Always check the claim settlement ratio!
When you’re making a decision to go with a certain insurer, make sure you check your insurer’s claim settlement ratio. This number is a good representation of how the insurer handles claims in general and their standing in the industry.
Where can I find the insurer’s claim settlement ratio?
Every insurance company’s claim settlement ratio is published on their website. You can also retrieve this information from the IRDAI website. So make sure you compare claim settlement ratios before you make your decision!
The greater the claim settlement ratio, the more assured you can be of a smooth claims experience.
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