Universal Sompo Claim Settlement Ratio
- Check Claim Settlement Ratio
- Importance of CSR
- Explore the process of claim settlement
Choosing an ideal health plan is a tedious task, however, choosing an ideal health insurance company is more of a hectic task. With more than 20 health insurance companies claiming to offer you the best services, selecting the best one for you and your family can be quite confusing.
Thus, before zeroing down on your choice of one health insurance company, you need to check the company’s claim settlement history.
This factor not only helps you to understand the company’s performance but will also give you a sense of understanding and will smoothen the selection process.
In the section below, let us explore the Universal Sompo Claim Settlement Ratio, and discuss its importance:
As per the IRDAI, the Universal Sompo Claim Settlement Ratio is 95.77%. Take a look at the below table to explore the Universal Sompo claim settlement ratio:
| Status of Universal Sompo Health 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 | 95.77 | 2.78 | 0.97 | 0.38 | 0.08 | 0.02 |
There are two types of health insurance claims you can choose from
Let us get a better understanding of Universal Sompo’s Claim Settlement Process.
Ever been in a medical emergency and run out of money? Such an unforeseeable medical situation might rip a hole in your wallet, forcing you to wipe off all your savings on hospital costs! This is where a health insurance plan that offers cashless claim settlement comes in handy. With a cashless health insurance plan, your insurer covers the medical payment directly with the hospital, eliminating the need for you to pay the expenses first.
Cashless Claim Filing Process
For a Reimbursement claim, you need to pay all hospital bills and expenditures out of pocket before filing a reimbursement claim. One is required to keep records of all hospital and pharmaceutical costs. The insurance company reimburses the policyholder/insured for their medical expenditures once the treatment is completed and the patient is released. The compensation is based on the insurance company receiving the correct medical bills and expenditures.
Reimbursement Claim Filing Process
The claim settlement ratio is one of the most useful parameters that showcases the number of claims settled by the company in a financial year. It is an important factor that helps you to evaluate how soon the company will settle your claims in the time of need. Before buying health insurance, one should always check the history of claims settled by that company.
Prospective buyers might use the claim settlement ratio to determine how well the insurance company honours their claims. It is recommended to check the claim settlement ratio of all the
plans having the lowest premiums and highest benefits.
A higher health insurance claim settlement ratio indicates the company’s financial performance and its ability to pay off the claims made by its customers.
Universal Sompo Health Insurance Network Hospitals are present in 31 states nationwide. With a wide network of hospitals, Universal Sompo Health Insurance ensures that you are medically secured, irrespective of the city you reside in.
To cater to the different medical needs of an individual & their family, Universal Sompo Health Insurance offers several Health Plans ranging from senior citizen plans to specialized plans for autistic children, to health insurance for cardiac patients, and many more.Take a look below to Universal Sompo Health Insurance plans explore more:
Individual
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Individual and Family Health Insurance
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Know More About Health Insurance Companies
The CSR of Universal Sompo is 91.58% as per the IRDAI report of 2022-23.
You can claim your Universal Sompo health policy either online from the company’s website of offline through one of the nearest branches.
Yes. A cashless hospitalisation facility is available under the Universal Sompo health insurance policy and you can avail of all the mentioned cover benefits.
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Naval Goel is the Founder and CEO of PolicyX.com (IRDA- Approved Insurance Comparison Website). He is a CFA charter holder (USA) and FRM (GARP). He holds an MBA from IIFT, Delhi, and is also an Associate from the Insurance Institute of India. Naval is an avid investor and entrepreneur who has a deep understanding of the Indian equity market and insurance sector. He has been investing for more than 10 years now and is a CFA charter holder.
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