The company offers a comprehensive range of insurance products catering to both individuals and businesses. For individuals, it provides health, motor, travel, home, and personal accident insurance. For businesses, it offers property insurance, marine insurance, liability insurance, and other specialized products.
HDFC ERGO is known for its customer-centric approach and innovative use of technology. It has implemented AI-driven tools and digital platforms to simplify processes like policy issuance, claims settlement, and customer support. The company boasts a vast network of branches across India and a 24/7 support system to ensure seamless service.
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Fastest Insurers to Settle Claims within 3 Months:
- ICICI Lombard General Insurance: 98.04% claims settled within 3 months
- Bajaj Allianz General Insurance: 96.45% claims settled within 3 months
- HDFC Ergo General Insurance: 95.52% claims settled within 3 months
- Apollo Munich Health Insurance: 94.95% claims settled within 3 months
- Max Bupa Health Insurance: 94.64% claims settled within 3 months
Slowest Insurers to Settle Claims within 3 Months:
- United India Insurance: 73.45% claims settled within 3 months
- New India Assurance: 75.13% claims settled within 3 months
- National Insurance: 76.23% claims settled within 3 months
- Oriental Insurance: 77.15% claims settled within 3 months
- Universal Sompo General Insurance: 78.21% claims settled within 3 months
The Insurance Regulatory and Development Authority (IRDAI) has released its handbook on Indian Insurance Statistics for 2023-24, which provides insights into the claim settlement ratios of various insurance companies in India. The claim settlement ratio helps policyholders understand the proportion of claims an insurance company honors or pays out during a certain period. A higher claim settlement ratio indicates that the insurer is more efficient in settling claims.
According to the data, Navi General Insurance has the highest claim settlement ratio of 99.97% within 3 months in FY23-24, followed by Acko (99.91%), HDFC Ergo (99.16%), Reliance General (99.57%), and Universal Sompo (98.11%). However, while these insurers have a high claim settlement ratio, their incurred claims ratio, which refers to the proportion of premiums paid out as claims, varies. For instance, Navi General Insurance has an incurred claims ratio of 52.40%, while Acko has an incurred claims ratio of 69.57%.
On the other hand, New India Assurance and National Insurance, both public insurers, have lower claim settlement ratios of 92.70% and 91.18%, respectively. However, they have higher incurred claims ratios, with National Insurance reporting an incurred claims ratio of 95.9% and New India Assurance reporting an incurred claims ratio of 97.36%.
Among stand-alone health insurers, Star Health has the lowest claim settlement ratio of 82.31% within 3 months, while Aditya Birla Health Insurance has the highest claim settlement ratio of 92.97%. Care Health has the lowest incurred claims ratio of 57.69%, while Aditya Birla Health Insurance has an incurred claims ratio of 68.31%.
When choosing an insurance policy, it’s essential to consider not just the claim settlement ratio but also other factors such as customer service, policy exclusions, benefits, and solvency ratio. Experts recommend an incurred claims ratio between 70% and 90% to be an indicator of a good insurer in terms of claim experience and sustainability. A combination of a high claim settlement ratio and an incurred claims ratio can help narrow down a good insurance policy.
In conclusion, the claim settlement ratio is an essential metric to consider when choosing an insurance policy, but it’s not the only factor. Policyholders should also look at other benefits, customer service, and financial health of the insurer to make an informed decision.
Best insurance company in India: 90% claims settled each by Aditya Birla, New India, HDFC ERGO; Bajaj, Star, Shriram lowest.
A recent report by the Insurance Brokers Association of India (IBAI) for the financial years 2023-24 and 2022-23 has revealed that four insurance companies in India have consistently cleared more than 90% of claims made by beneficiaries. The top performers include Aditya Birla Health, HDFC Ergo, and New India Assurance, which achieved claim clearance rates of 91.88%, 92.1%, and 93.13%, respectively.
The data shows that Aditya Birla Health received over 8.5 lakh claims in 2023 and settled 91.88% of them, up from 89.96% in 2022. HDFC Ergo handled 52 lakh claims and settled 94.32% of them in 2023, an improvement from 92.10% the previous year. New India Assurance, a public sector company, processed over 1.5 crore claims with a settlement rate of 93.13%, marginally up from 93.04% in 2022.
On the other hand, some private insurance companies, including Bajaj Allianz, Star Health, and Shriram, performed poorly in terms of claim settlement. Bajaj Allianz handled 47 lakh claims but managed to clear only 73.38%, the lowest settlement rate among the analyzed insurers. Star Health processed 19 lakh claims but settled just 74%, while Shriram’s performance was the weakest, with a clearance rate of only 70% for its 2 lakh claims.
The report highlights the disparity in claim settlement rates among insurance companies in India. While some companies have consistently demonstrated a high level of claim settlement, others have struggled to settle claims in a timely and efficient manner. The data suggests that policyholders should carefully evaluate the claim settlement record of an insurance company before purchasing a policy.
The IBAI report provides valuable insights into the performance of insurance companies in India and can help policyholders make informed decisions when choosing an insurance provider. The report’s findings also underscore the need for insurance companies to prioritize claim settlement and improve their processes to ensure that beneficiaries receive timely and fair compensation. Overall, the report highlights the importance of transparency and accountability in the insurance industry and the need for companies to prioritize the needs of their policyholders.
According to a report by the brokers association, the Indian insurance companies that reject claims the least are revealed, providing insight into the claims settlement records of various insurers.
A recent report by the Insurance Brokers Association of India (IBAI) has revealed that the claim-to-settlement ratio for general insurance in India has decreased to 86% in 2022-23, down from 87% in the previous fiscal year. This means that 14% of claims were rejected by insurance companies. The report also found that the claims repudiation ratio, which is the proportion of claims rejected by insurers, rose to 6% for general insurance, including motor, health, fire, and marine cargo.
The report analyzed data from various insurance companies and found that public sector insurer New India Assurance had the lowest claims repudiation ratio of 0.2%. Other private insurers with lower rates of claims rejection include HDFC Ergo, Future Generali, Aditya Birla Health, and Shriram. The Insurance Regulatory and Development Authority of India (IRDAI) makes it mandatory for insurance companies to publish settlement and rejection data on their websites, which helps policyholders make informed choices.
The report categorized general insurers into four categories: public sector general insurers, large private sector general insurers, other private sector insurers, and standalone health insurers. In the health insurance category, New India Assurance had a claim-settlement ratio of 95%, followed by Aditya Birla Health with a ratio of 95%. Iffco Tokio and Bajaj Allianz were among the top large private sector general insurers with a claims-to-settlement ratio of 90% or more.
However, experts point out that the data is combined for group and individual policies, and claim-rejection rates are historically lower for corporate policies. They argue that separate claim-settlement data for individual health insurance policies is needed to get a true picture. Incomplete or false disclosure at the time of policy purchase also contributes to claim rejections.
The report also highlighted the low insurance penetration in India, which is at 30%, compared to developed countries like the US, where it is over 90%. The high 18% tax on insurance premiums is also a concern, as it makes insurance unaffordable for many people. Experts suggest that reform measures are needed to reduce taxes and provide segregated data on claim-settlement ratios to help people make informed choices. Additionally, there is a need for better infrastructure and social security nets to support the growth of the insurance industry and provide relief to policyholders.
HDFC ERGO kicks off ‘Galat Raaste Pe Mat Jao’ road safety awareness campaign for National Road Safety Week.
HDFC ERGO General Insurance has launched a new campaign, #GalatRaastePeMatJao, to raise awareness about unsafe driving practices and promote responsible road usage during National Road Safety Week. The campaign aims to reach drivers across India and encourage them to rethink their unsafe actions behind the wheel. The initiative is a response to the rising number of road accidents in the country, with over 4.60 lakh accidents and 4.40 lakh injuries reported in 2022.
The campaign highlights the risks associated with reckless behaviors such as speeding, using mobile phones while driving, and distracted driving. To promote road safety, HDFC ERGO is distributing car danglers with key road safety messages at select networked cashless garages across India. The company’s Director and Chief Business Officer, Parthanil Ghosh, emphasized the importance of road safety, stating that road crash casualties lead to emotional and financial turmoil for families and dent the Indian GDP annually.
The #GalatRaastePeMatJao campaign is part of HDFC ERGO’s long-standing commitment to road safety. The company has launched several campaigns in the past to address various aspects of unsafe driving, including #TakeItEasyonRoads, #DoNotDisturb, and #EyesOnTheRoad. HDFC ERGO has also partnered with NGOs for urban trials and intersection redesigns to transform high-risk areas into zero-fatality zones, impacting over 2.6 lakh lives in FY24. The company’s goal is to raise awareness about the impact of unsafe driving habits and foster a culture of responsible road behavior.
HDFC Ergo Launches Groundbreaking Cashless Claims Process for Post-Hospitalisation Expenses
HDFC Ergo, a leading non-life insurance company, is planning to introduce a cashless claims facility for post-hospitalization treatment. This move would make it one of the first non-life insurance companies to offer this service, which is not currently available in the industry. While some insurance companies provide reimbursement for post-hospitalization claims, HDFC Ergo is set to pioneer cashless settlements through its “HERE” app, which has over 70 lakh downloads and four lakh users.
According to HDFC Ergo’s Chief Business Officer and Director, Parthanil Ghosh, the new facility will be launched by the third week of December. The company has already paid out over Rs 2,900 crore in claims nationally, with Rs 147 crore going to retail customers in West Bengal. Ghosh assured that there will be no additional load on policyholders once the cashless claims facility is introduced.
HDFC Ergo has a significant presence in West Bengal, with 7,800+ advisors, 10 branches, and 430+ employees. The company has been focused on increasing health insurance inclusion in the region and has settled over 56,761 claims worth Rs 118 crore in West Bengal, including 14,345 claims worth Rs 86 crore in Kolkata. The company’s premium collection in the state has also risen, with Rs 240 crore collected from retail health policies in 2023-24 and Rs 122 crore in the first half of the current fiscal year. Nationally, HDFC Ergo has collected over Rs 4,000 crore in premiums from retail health policies.
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Discover how you can enjoy the convenience of an Apple Watch at no additional cost with our exclusive HDFC Ergo plan.
HDFC Ergo and Zopper have collaborated to launch the “India Gets Moving” program, a unique initiative that encourages individuals to adopt a healthier lifestyle through technology and rewards. The program challenges participants to take 15,000 steps daily for a year, with a tempting reward: a free Apple Watch. To participate, customers must purchase an eligible Apple Watch model from an Apple Premium Reseller, register for the Zopper Wellness Program, and sync their Apple Health Kit data with the HDFC Ergo app.
The program tracks daily steps and converts them into points, with a maximum of 4 points earned for steps above 15,000. To qualify for a full refund, customers must accumulate 110 points each month. Partial refunds can be claimed based on fewer steps, calculated on a pro-rata basis. For example, customers who earn fewer than 30 points will receive a 0% refund, while those who earn 91-110 points will receive an 80% refund.
The “India Gets Moving” program is available at offline Apple Premium Resellers in India, including Invent, Unicorn, and others. The offer is not applicable for purchases made on the official Apple website, Amazon, Flipkart, or other online retailers. With this program, HDFC Ergo aims to promote healthier lifestyles while integrating technology, fitness, and rewards. Customers who consistently meet their monthly targets for 12 months will receive a full refund for their Apple Watch, making it free. Even if they walk fewer steps than the target, they can still receive a partial refund of up to 30%.
HDFC ERGO Ventures Launches ‘Drive Smart, Stay Safe’ Initiative to Promote Responsible Road Behavior
HDFC ERGO, a leading non-life insurance company in India, has launched a new initiative called “GalatRaastePeMatJao” to raise awareness about the risks associated with unsafe driving practices and promote responsible road usage. The campaign aims to educate individuals about the importance of not using mobile phones while driving, not exceeding speed limits, and following road safety guidelines.
According to the World Health Organization, road traffic crashes are a major cause of death and disability worldwide, with India being no exception. In 2022, India saw over 4.6 lakh road accidents, resulting in over 4.4 lakh injuries. To address this issue, HDFC ERGO is encouraging people to take responsibility for their own safety and the safety of others on the roads.
The company has a strong track record of launching road safety campaigns, including “TakeItEasyonRoads” in 2015, “Do Not Disturb” in 2018, and “EyesOnTheRoad” in 2020. These campaigns aim to raise awareness about the importance of avoiding distractions while driving, the dangers of reckless driving, and the need for drivers to be focused on the road.
HDFC ERGO is also distributing car danglers with road safety messages across select cashless garages to encourage vehicle owners to follow safety measures. The company has also collaborated with NGOs for urban trials and intersection redesigns to transform high-fatality stretches into zero-fatality corridors.
Through its various road safety initiatives, HDFC ERGO has benefited over 2.6 lakh lives in FY2024, demonstrating its commitment to promoting road safety in the country. The company’s efforts are aimed at creating a culture of responsible road behavior and reducing the number of road accidents in India.
HDFC Ergo Introduces a Cost-Effective Alternative to Its Best-Selling Optima Health Insurance Plan
HDFC Ergo General Insurance has launched Optima Lite, a more affordable health insurance plan with a base sum insured of Rs 5 and Rs 7.5 lakh. This new product is a variant of their flagship my:Optima Secure health insurance plan and offers a range of benefits including organ donor expenses, home hospitalization, and emergency ambulance services. Additionally, it includes unlimited restorations of the base sum insured during the policy year.
Along with Optima Lite, HDFC Ergo has introduced three new add-ons, including Limitless, ABCD Chronic Care, and Parenthood, which provide coverage for various health conditions and expenses. These add-ons will be available to customers starting February 2025. The company has also launched a Post-Hospitalization Cashless Claims feature, which allows customers to receive cashless delivery of prescribed medications after hospitalization through their Here app.
Optima Lite offers key benefits such as unlimited restoration of the sum insured, up to 100% increase in sum insured over time, pre-and post-hospitalization coverage, and daily cash for shared room expenses. Premiums can be optimized by up to a 40% discount with aggregate deductible options starting from Rs 10,000.
HDFC Ergo, a subsidiary of HDFC Bank, is one of India’s leading private-sector general insurers. The company has a strong digital presence, with 94% of its 12 million policies issued digitally and 75% of customer requests serviced digitally. HDFC Ergo has a high claims payout ratio, with 95% of claims settled in FY24. The company’s move to introduce Optima Lite and new add-ons demonstrates its commitment to making health insurance more accessible and convenient for Indian citizens.
HDFC Ergo General Insurance has invited bids for its bond issue, according to sources.
HDFC Ergo General Insurance, an Indian insurance company, has accepted bids worth 3.25 billion rupees ($37.3 million) for subordinated bonds with a 10-year tenure. The bonds will offer an annual coupon of 8.20%. The issue will have a call option at the end of five years and every year thereafter. The company received bids from bankers and investors earlier in the day.
The deal is part of a list of deals reported on March 13, which includes:
* PFC (Power Finance Corporation) – 1 year and 1 month term, 7.75% coupon, 16.85 billion rupees issue size, rated AAA by Crisil, Care, and Icra.
* PFC – 3 years and 4 months term, 7.45% coupon, 40 billion rupees issue size, rated AAA by Crisil, Care, and Icra.
* LIC Housing Finance – 2-year term, to be decided coupon, 10+30 basis points, rated AAA by Crisil and Care.
* Can Fin Homes – 2 years and 2 months term, to be decided coupon, 4+12 basis points, rated AAA by Icra.
All of these deals are rated AAA by the respective credit rating agencies. The issue sizes include the base issue and greenshoe options, with total values in billions of Indian rupees.
The HDFC Ergo Scheme is accused of manipulating step-count data, leaving participants uncertain about their cashback rewards.
HDFC Ergo, an insurance company, launched the “India Gets Moving” initiative in November 2024, in collaboration with Zopper and Apple, to promote healthy habits by incentivizing customers to buy Apple Watches and track their daily step count. The initiative promised to return the cost of the Apple Watch to customers who achieved a minimum daily step count of 15,000 steps. However, after a backlash on social media, the company started making payments to customers who had genuinely achieved their step-count targets.
Initially, many customers, including fitness enthusiast Nikhil Dhawan, received a surprise rejection of their claims, with no explanation or proof of manipulating their step-count data. Dhawan and others were left unsure about why their claims were rejected, as they had genuinely tracked their steps. Some customers even contacted Apple to rectify the issue.
The company, through its mobile app, credited wellness points to customers based on their daily step count, with a maximum of 100 points per day. HDFC Ergo claimed that all valid claims were being cleared, as per the terms and conditions. The company, however, terminated policies of customers who had allegedly manipulated their step-count data, citing that it was “unusual and suspicious.”
The company faced backlash on social media, leading to a re-evaluation of the claims. Eventually, many customers received an update that their claim had been approved, and the payment was being processed. However, some customers, like Vinayak Chougule, remained unsure about the future of the program, citing uncertainty regarding the refund for the remaining 11 months.
The company’s move has raised concerns about data manipulation and the ability to control the way data is tracked. As part of its commitment to “customer first,” HDFC Ergo claimed that it would continue to honor its commitments and encourage citizens to adopt a healthy lifestyle.
HDFC Ergo General Insurance considers issuing bonds, sources indicate.
India’s HDFC Ergo General Insurance Company is planning to raise 3.5 billion rupees (approximately $11.47 million) through the sale of subordinated bonds with a 10-year maturity period. The company has invited bids from bankers and investors for the issue, with the bidding process set to take place on March 13. The interest rate for the bonds has not yet been disclosed. This is the latest development in a series of bond issuance deals reported on March 11, including a 7.68% yield offered by LIC Housing Finance for a 4-year bond issue.
It’s worth noting that HDFC Ergo General Insurance did not respond to a request for comment from Reuters on this matter. If successful, the bond issue would further solidify the company’s financial position, allowing it to diversify its funding sources and manage risk more effectively. The exact terms of the bond issue, including the coupon rate, will be determined through the bidding process.
The success of the issue is likely to depend on market conditions, investor appetite, and the company’s credit rating. HDFC Ergo General Insurance has AAA ratings from credit rating agencies Crisil and Icra, which should help attract investor interest. The company’s shareholders and investors will be keenly watching the outcome of this issue, as it will impact the company’s future financial performance and creditworthiness. Overall, the bond issuance marks an important development in HDFC Ergo General Insurance’s funding strategy, and investors will be closely monitoring the company’s progress in the coming days.