The claim settlement ratio (CSR) is an essential metric that determines the number of claims an insurance company settles during a specified period. It measures the percentage of settlements made by the insurer in relation to all claims received over a particular timeframe and reflects the insurance company's success. The CSR is computed by dividing the total number of claims paid out by the total number of claims received.
A high CSR indicates that an insurance provider has a history of fulfilling its obligations to policyholders by resolving claims according to the policy's terms. As a policyholder, it is recommended to check an insurance company's CSR before purchasing a policy. A high CSR can provide confidence that the insurance company is dependable and financially secure.
Kotak Mahindra Life Insurance is a life insurance company in India that offers a range of life insurance products to its customers. The company is a subsidiary of Kotak Mahindra Bank and is known for its innovative and customer-centric approach to insurance. The company has a strong focus on digital technology and provides a seamless and hassle-free experience for its customers.
Kotak claim settlement ratio indicates the percentage of claims settled by the insurer against the total number of claims received in a financial year. As per the IRDAI's (Insurance Regulatory and Development Authority of India) annual report for the financial year 2021-22, Kotak Life insurance claim ratio is 98.82%.
A policyholder or the policyholder's nominee may submit claims in a number of different methods. Depending upon their convenience, they can opt to have their claims handled offline or online. A claim can be submitted in the following methods by an insured party:
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Step 1: Intimation of the claim to the insurance company
The first and foremost step is to report the claim. The policyholder or the nominee can report the claim using any of the mentioned processes as per their convenience.
Mandatory Documents to be submitted:
Step 2: The team carefully reviews the claimant's details after receiving it, and they personally help the claimant at each step. The team may also request specific additional documents if they are required for the claim's investigation.
Step 3: The company thoroughly scrutinises all documents related to the claim before reaching a decision on its approval. Once the claim is accepted, the policyholder or nominee is promptly notified of the payout.