According to data published by the Insurance Brokers Association of India, New India Assurance Co. Ltd. ranked as one of the top players in terms of health claims paid for the year ending March 2023. The company paid out over 95% of health claims received, with Aditya Birla Health Insurance ranking second, paying out over 94.5% of claims. In terms of the amount of claims paid, New India Assurance settled 98.7% of claims, while Oriental Insurance ranked second, paying out 97.4% of claims.
The claims paid ratio is a key metric used to measure the performance of insurance companies in settling claims. It is calculated as the number of claims paid up to a specific quarter (in this case, the fourth quarter of the financial year ending March 31, 2023) to the total number of claims available for processing. A higher claims paid ratio indicates that the insurance company is more efficient in settling claims.
New India Assurance’s high claims paid ratio, both in terms of the number of claims and the amount, suggests that the company has a strong track record of settling claims in a timely and efficient manner. This is good news for customers, as it indicates that they can trust the company to honor their claims and receive the compensation they are due. The company’s high performance in this regard reflects its commitment to providing excellent customer service and settling claims in a transparent and efficient manner.