Health Insurance these days has become a necessity. But have you ever thought that the entire point of buying health insurance will be useless if your health insurance company is not settling your claims on time and is not able to provide financial stability at the time of an unannounced medical emergency?
Thus, before buying a health insurance plan from Manipal Cigna, it is important for you to check the Manipal Cigna claim settlement ratio and make it one of the key factors while evaluating the company’s performance.
In this article, we will discuss the ManipalCigna Health Insurance Claim Settlement ratio and its importance.
The claim settlement ratio (CSR) is the percentage of total claims that an insurance company settles in a year. It serves as a gauge of their trustworthiness. The greater the ratio, the more dependable and reliable the insurance is.
|Status of Manipal Cigna Claim Settlement Ratio - 2020-21|
|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|
The claim settlement ratio of a health insurance company helps in assessing the reliability of the insurance company in terms of paying the claims. It also gives you an insight into how the company is functioning in terms of settling your claims and can tell you about its reliability.The higher the CSR, the more capable the company is of settling claims. As a result, this component increases a company's client trustworthiness.
In the table above, the Manipal Cigna Claim Settlement Ratio is 99.90%, which shows that the company understands the need for quick claim settlement and helps you get treated without worrying about the finances.
Along with the ManipalCigna Health Insurance claim ratio, it is imperative for you to understand the claim settlement process. Below we have mentioned the claim filing process. Take a look: