New India Assurance and Aditya Birla Life Insurance’s Health Insurance Claim Settlements in Fiscal Year 2023
The Insurance Brokers Association of India has released data on health insurance claims paid by various insurance companies for the year ending March 2023. According to the data, New India Assurance Co. Ltd. ranked among the top players in terms of health claims paid, with an impressive 95% of claims paid. Aditya Birla Health Insurance came in second, with a claims paid ratio of 94.5%. In terms of the amount of claims paid, New India Assurance settled 98.7% of claims, while Oriental Insurance ranked second, settling 97.4% of claims.
The claims paid ratio is a key metric used to measure an insurance company’s efficiency in processing and settling claims. A higher claims paid ratio indicates that an insurer is doing an excellent job in settling claims in a timely and efficient manner. In contrast, a lower ratio may suggest that an insurer is taking longer to settle claims or is more likely to deny claims.
It’s worth noting that the claims paid ratio for the amount of claims is a separate metric that measures the proportion of the total amount of claims available for processing that has been paid out. This ratio provides a more comprehensive view of an insurer’s ability to settle claims in a timely and efficient manner.
Overall, these figures suggest that New India Assurance and Aditya Birla Health Insurance are among the top performers in terms of health insurance claims paid, with Oriental Insurance following closely behind. This information can be useful for consumers looking to choose the best health insurance provider for their needs, as it provides insight into an insurer’s reputation for settling claims promptly and efficiently.
The NIACL (New India Assurance Company Limited) has officially launched the recruitment process for 500 vacancies, and you can apply directly through the provided link.
The New India Assurance Company Limited (NIACL) is conducting a recruitment drive for 500 Assistant posts. The application process is open from December 17, 2024, to January 1, 2025. The Tier I (Preliminary) Online Examination is scheduled for January 27, 2025, and the Tier II (Main) Online Examination will be held on March 2, 2025.
To apply for the job, candidates need to follow these steps:
1. Visit the company’s website at newindia.co.in and navigate to the ‘Recruitment’ section.
2. Click on the “CLICK HERE FOR NEW REGISTRATION” tab.
3. Fill in and verify the online form, and use the “SAVE AND NEXT” facility to review and modify the form details as needed.
4. Upload a photo and signature according to the specifications mentioned in the guidelines for scanning and uploading.
5. Review the entire application form before submission and make any necessary changes.
6. Proceed to pay the application fee, which is Rs. 100 for SC/ST/PwBD/EXS candidates and Rs. 850 for all other candidates.
7. Finally, submit the application form.
The age limit for the post is between 21 and 30 years as of December 1, 2024. The selection process involves three stages:
1. Preliminary examination
2. Main examination
3. Regional language test (for candidates who qualify for the main examination)
Candidates can check the official website of NIACL for more information. The direct link to apply is provided, and the application process is expected to close on January 1, 2025.
Former New India Assurance Manager Sent to Prison for Filing False Insurance Claim
The Central Bureau of Investigation (CBI) Court in Ahmedabad has sentenced five individuals to five years of rigorous imprisonment and imposed a cumulative fine of Rs 23.5 lakh in connection with a fraudulent insurance claim. The accused, Dinesh Parshotamdas Patel, Sanjay R. Chitre, Manan D. Patel, Shishupal Rajput, and Amar Singh Bialbhai, were found guilty of manipulating insurance claims and causing a financial loss to the New India Assurance Company Limited (NIACL).
The investigation revealed that between 1999 and 2000, the accused conspired to file fake accident claims supported by forged documents and fabricated evidence. The Senior Divisional Manager of NIACL, along with private accomplices, altered accident records and submitted false claims, resulting in a loss of Rs 4,89,488 to the insurance company. The group created fake police reports and used tampered photographs to legitimize their claims. The fraud was carried out through a network of bank accounts to process and distribute the stolen funds.
The CBI registered the case in 2003 and filed a chargesheet against the accused in 2005. The trial was lengthy, with 25 witnesses and 228 documents examined. The court found the accused guilty based on strong evidence and sentenced them to rigorous imprisonment and imposed a fine. The case highlights the vigilance of the CBI in uncovering complex financial fraud and ensuring accountability. The investigation demonstrates the importance of protecting public funds from such conspiracies, which remain a top priority for investigative agencies.
The National Institute of Advanced Corporate Law (NIACL) has released the admit card for Phase 1 of the 2024 competitive exams, which can be downloaded from the official website newindia.co.in.
New India Assurance Co. Ltd. (NIACL) has released the admit card for the Phase 1 examination of the Assistant recruitment 2024. Candidates who have registered for the exam can download their admit card from the official website of NIACL at newindia.co.in. The Phase 1 examination is scheduled to take place on January 27, 2025.
The admit card will be available for download from January 16 to January 27, 2025. To download the admit card, candidates can follow the steps provided by NIACL. The steps include visiting the official website, clicking on the recruitment link, clicking on the Assistant link, selecting the link for the Phase 1 admit card, entering login details, and downloading the admit card.
Once downloaded, candidates are advised to check the admit card and keep a hard copy of the same for future reference. The selection process will consist of an online test, followed by a regional language test and a final selection.
The recruitment drive aims to fill up 500 Assistant posts in the organization. The registration process started on December 17, 2024, and concluded on January 1, 2025. For more information, candidates can visit the official website of NIACL.
India’s regulatory body grants approval for Go Digit to become the country’s first private reinsurer.
The Insurance Regulatory and Development Authority of India (Irdai) has granted a certificate of registration to Valueattics Reinsurance, allowing it to become the first private sector reinsurer in the country. This development marks a significant step towards fostering competition in the reinsurance sector, previously dominated by the state-owned General Insurance Corporation of India (GIC Re). Valueattics Reinsurance is promoted by Oben Ventures LLP, founded by Go Digit’s Kamesh Goyal, and FAL Corporation, a subsidiary of Canadian billionaire Prem Watsa’s Fairfax Financial Holdings. This achievement is a major milestone for Goyal, who is also a director at Valueattics Reinsurance, and marks the first time that Kamesh Goyal and Fairfax will hold licenses for general insurance, life insurance, and reinsurance businesses in India. The development is expected to boost competition in the reinsurance sector, which has been dominated by GIC Re.
Currently, 12 foreign reinsurance branches operate in India, including Munich Re, Swiss Re, and Lloyd’s of London. The Irdai also announced that Life Insurance Corporation of India, The New India Assurance Company, and General Insurance Corporation of India have been identified as domestic systemically important insurers for FY25. The meeting also reviewed the progress of Bima Sugam, an insurance marketplace, and the formation of Bima Sugam India Federation, an entity formed by insurers to develop an insurance electronic marketplace. This development is expected to promote competition and improve the overall insurance ecosystem in India.
The deadline to apply for our 500 Assistant positions is today – find the details here.
The New India Assurance Company Limited (NIACL) is set to close online applications for the recruitment of Assistants on January 1, 2024. The recruitment drive aims to fill 500 positions. To be eligible, candidates must be between 21-30 years old as of December 1, 2024, with a graduation degree in any discipline from a recognized university or equivalent qualification recognized by the Central Government. Additionally, they must have passed English as one of the subjects in SSC/ HSC/ Intermediate/ Graduation level, and possess a certificate in proof of passing the qualifying examination as on December 1, 2024.
The application fee is Rs. 100 for SC/ST/PwBD/EXS category candidates and Rs. 850 for all other categories. To apply, candidates should visit the official website newindia.co.in and follow these steps:
1. Go to the official website and click on “Recruitment” and then “ASSISTANT RECRUITMENT EXERCISE – 2024”.
2. Register and proceed with the application process.
3. Fill the form, pay the fee, and submit the form.
4. Take a printout for future reference.
The Tier I (Preliminary) online examination will be conducted on January 27, 2025, followed by the Tier II (Main) online examination on March 2, 2025. The call letters for each examination will be released seven days before the examination date. For more information, candidates can visit the official website.
New India Assurance is taking steps to enhance its underwriting standards and risk management protocols.
The New India Assurance Company’s financial performance is expected to remain adequate, with a strong balance sheet and a top-notch capital adequacy ratio. According to AM Best, the company’s balance sheet is underpinned by its risk-adjusted capitalisation at the strongest level, with a well-rated investment portfolio mainly composed of domestic government and corporate bonds. However, its balance sheet is still exposed to potential volatility due to its allocation to domestic equity investments.
The company’s operating performance is expected to face challenges from declining underwriting results due to continued claims in health and motor insurance and exposure to catastrophe losses. Despite this, New India’s return on equity has remained stable at 2.9% over the past five years, driven by stable investment income. The company’s enterprise risk management (ERM) remains a key area for improvement, with gaps persisting in underwriting risk management and pricing discipline. These challenges are expected to continue impacting the company’s ability to fully align its risk management framework with global standards in the medium term.
Despite these constraints, New India’s stability outlook reflects expectations of continued profitability and strong capitalisation, driven by its market leadership and investment performance. Overall, while the company faces challenges, its strong capitalisation and investment performance ensure that it remains a stable player in the insurance industry.
According to IRDA’s 2025 report, Navi, Acko, and Reliance General Insurance topped the list with the highest claim settlement ratio among health and general insurance companies.
In today’s world, having a solid health insurance policy is crucial to bear the burden of medical expenses. General insurance companies also offer health insurance coverage, among other types of insurance. However, it’s essential to evaluate the effectiveness of your health or general insurer in settling claims on time. One way to do this is by checking the claim settlement ratio, which refers to the proportion of claims paid out of the total number of claims received. According to the Insurance Regulatory and Development Authority of India (IRDAI), the claim settlement ratio is a significant indicator of an insurer’s credibility. For instance, a health insurer with a claim settlement ratio of 93% means it typically pays around 93 out of every 100 claims it receives.
IRDAI releases a list of claim settlements done by all health and general insurers every year. In 2023-2024, over 71,200,854 claims were paid out, with 81.13% of these paid within 3 months of claim intimation. Among private general insurers, Acko General Insurance led the pack with a claim settlement ratio of 99.91%, while Navi General Insurance Ltd. was close behind with 99.97%. Public sector insurers like National Insurance Co. Ltd. and The New India Assurance Co. Ltd. also performed well, with settlement ratios of 91.18% and 92.70%, respectively.
Amongstand-alone health insurers, Aditya Birla Health Insurance Company had the highest claim settlement ratio within 3 months at 92.97%. Care Health Insurance and Niva Bupa Health Insurance also performed well, with settlement ratios of 92.77% and 92.02%, respectively. On the other hand, Star Health and Allied Insurance Co. Ltd. had the lowest claim settlement ratio within 3 months, but it paid out the most claims (16,80,171) in less than 3 months. Overall, it’s essential to evaluate an insurer’s claim settlement ratio, as well as other factors such as sum insured, waiting period, and network of hospitals, before finalizing a health insurance policy.