A health plan is one of the best things that you can gift yourself and your family. But have you ever thought about what will happen if your Health insurance company is unable to settle your claim? Or what if your claim settlement process is delayed?
The mere thought of struggling with another problem during an ongoing medical emergency is quite petrifying. To avoid such situations, it is best to check the Claim Settlement Ratio of the company you have chosen to buy. Now, you must be wondering about Acko Claim Settlement Ratio and how it helps you avoid the above-mentioned situations.
Well, continue reading to find out for yourself.
The claim settlement ratio, or CSR, is the percentage of claims that an health insurance company has paid out. To put it another way, it's the proportion of claims paid out by an insurer in a given financial year. The ratio is calculated by dividing the total number of claims filed by the total number of claims settled.
Health Claim Settlement Ratio=Number of claims settled/number of claims received * 100
As per IRDAI, Acko General insurance claim settlement ratio is 97.20%. Take a look at the below table for insight and get the idea of Acko Claim Settlement Ratio
Status of Acko Insurance Claim Settlement ratio- 2021-22 | ||||||
Age Analysis of Number of Claims Paid (%) | < 3 months | 3 months to 6 months | 6 months to <1 year | 1 year to <3 year | 3 years to <5 years | 5 years |
Claims Settled | 97.2 | 1.67 | 0.8 | 0.33 | 0.00 | 0.00 |
Acko insurance claim settlement ratio showcases that the company understands the need of quick claim settlement and settles your claims on time. The company allows the policyholders to raise claims in two ways:
Read below to get a detailed understanding of the claim settlement Process:
Know More About Health Insurance Companies
Online Procedure
Procedure for reimbursement claims:
The company will verify all the documents. On approval, the claim amount will be released.
Naval Goel is the CEO & founder of PolicyX.com. Naval has an expertise in the insurance sector and has professional experience of more than a decade in the Industry and has worked in companies like AIG, New York doing valuation of insurance subsidiaries. He is also an Associate Member of the Indian Institute of Insurance, Pune. He has been authorized by IRDAI to act as a Principal Officer of PolicyX.com Insurance Web Aggregator.