What is Claim Settlement Ratio?
One of the crucial elements that underline the credibility of an insurance company, the Claims Settlement Ratio means the ratio of number of claims that have been settled out of total files available for processing. The ratio measures the reliability of the insurance company in terms of paying the claims to the insured. It is said that the higher the ratio is, the better it is for the insurer.
While choosing an insurance company, make sure to look for the highest claim settlement ratio. Ever since its establishment, Raheja QBE has worked tirelessly to offer the best range of Motor and Health insurance plans which are backed by high claim settlement ratios.
Claim Settlement by Raheja QBE
Raheja QBE offers a prudent range of motor and health insurance products along with various Add-on’s that you can choose from. We are committed to not just provide the best insurance products but also exceptional claim settlement ratios that make us a preferred choice of insurer for the customers. We strive to deliver a great customer experience. With Raheja QBE Insurance, our smooth claims process is complemented by the maximum claim settlement ratio along with customer satisfaction. We have an expert team of professionals dedicated to ensuring the timely settlement of all admissible claims.
Highlights of Buying Insurance from Raheja QBE
The key highlights that make us the right choice include:
- Easy claims settlement for both motor and health insurance
- A dedicated team of professionals for assisting policyholders during the time of claim
- Provision of COVID-19 cover
- Wider Cashless Repairer Network
- A strong and widespread network of hospitals
- You get to avail lifelong renewability
Claim Settlement Ratio by Raheja QBE
At RQBE, we intend to find ways to approve them fast, fair and transparent manner, which shows in our Claim Settlement Ratio (CSR) as well. We do our best to ensure a claims settlement experience is a peace of mind for our customers. Hence, our effort is to continuously and proactively enable and make all such information visible to our policyholders and prospective customers on our website and refresh the data with the latest updates from time to time as applicable.
Our CSR for Own Damage Cover (part of Motor Insurance) was 96% for FY 21-22.
This means that out of every 100 auto own damage claims received by us, we have settled ~ 96 claims. For all lines of the business together the CSR was 92%
Claims settled (excluding rejections)
Claims Settlement Ratio (CSR) = -----------------------------------------------------------------
Claims available for processing
Making Claims Settlement Simple & Hassle-free by Raheja QBE General Insurance in India
To make things more convenient and hassle-free for our Motor & Health Claims customers, we have solutions that benefit our policyholders and make the claims process as easy as 1-2-3. We have analyzed the customers pain point and brought the innovation to make the Motor & Health claims process simple. This information also comes in handy when the customers want to compare our internal claim settlement ratios for making an informed decision:
|Insurance Type||Customer Pain point||Solution by Raheja QBE||How Does This Solution Work|
|Motor||Wait time for Survey||RQBE QUICK||Enables customer/repairer to do the survey of the vehicle remotely through Live Streaming|
|Motor||Delay in delivery order release after repair in Motor Claims||RPA||Delivery Order is released within 15 min of receipt of Invoice. All customers are treated uniformly|
|Motor||Non-Uniform Work Assignment||Performance Management||Helps to assign work to external vendors, based on performance to provide best in class service to customers.|
|Motor||Claim Intimation by Garage without the call||Workshop Portal||The workshop can intimate the claim in the system directly on behalf of insured and get a claim number in real-time without any call to the RQBE call centre|
|Motor||Submission of Original physical Claim Form||Digital Claim Form||Customers can submit the Digital Claim Form from anywhere and no need to submit a physical claim form.|
|Vendor Management||Robust Supply Chain||Vendor Management team||Dedicated Vendor Management team to ensure customer satisfaction by building robust process controls, managing relationships & expanding network.|
|Health Claims||Delay in Pre-authorization & Discharge||AI & Deep Learning based approval||Initiated Project to enhance the customer experience during Pre-authorization & Discharge during health|
Procedure for Cashless Claims
To make things easier for our policyholders, we offer cashless claims facility that can be availed for hospital treatments as well as for the service of your motor vehicles. The policyholder, when availing a cashless treatment, must visit any of the hospitals under Raheja QBE’s network. For instance, if availing cashless claim settlement for car service, then the policyholder must visit any of the garages under our network. Here are the steps that you need to follow in either of the cases:
- Visit any hospital/garage under Raheja QBE’s network for the required treatment/service. You can locate the same through our website.
- Get the form required to raise a request for cashless service/treatment. Those availing cashless service for a motor insurance claim can avail pick up and drop facility at the selected garages.
- Once you fill the form, you have to send it for authorisation. For motor, the claim managers will arrange a survey for the vehicles while for medical treatment, a pre-authorisation letter will be issued to the hospital.
- Once you get the approval (in either of the cases), keeping the terms and conditions; the cashless treatment/service will be done.
These are the common steps that policyholders need to ensure while availing cashless claims. However, there might be a few other steps in each of the policies that you might have to ensure. For more information, please visit the health claims and motor claims sections. Whether you are looking for a top claim settlement ratio for health policy or for motor (car or two-wheeler) insurance, at Raheja QBE, you will find the right policy for your needs.
Frequently Asked Questions
1. What is the claim settlement ratio of Raheja QBE Insurance?
Claim Settlement ratio refers to the ratio of number of claims that are settled out of the total number of claims that are received by the company. Raheja QBE offers excellent claim settlement ratio percentages and comes with benefits that help policyholders in ways unknown.
2. How is the insurance settlement ratio calculated?
Calculation of the insurance settlement ratio is very easy. The claim settlement ratio is calculated as the total number of claims approved divided by the total number of claim received and then multiplied by 100.
3. What do you mean by claim settlement?
Claim settlement means the number of claims that a policyholder settles with their insurer. The claim settlement ratio is a common metric that helps in rating the insurance companies, which further helps customers choose the right insurer for them.
4. What is the difference between incurred and paid claims?
The Incurred Claim Ratio (ICR) is the proportion of the claims that are paid against the total premium that is received by the insurance company. On the other hand, paid claims are those that insure the policyholder against any financial loss that may occur due to medical treatments, damage of motor vehicle, and so on.