Which companies are better at settling health claims?

Tata AIG, The New India Assurance and HDFC Ergo are the top three general insurers in terms of settling health claims, shows the draft red herring of Niva Bupa Health Insurance.

Tata AIG achieved a 100% claim settlement ratio in FY 2024. This means that every claim filed with Tata AIG in FY 2024 was settled.

Not so far behind was the New India Assurance with a claim settlement ratio of 99.90%.

HDFC Ergo occupied the third spot with a claim settlement ratio of 97.94% in FY 2024.

Claim Settlement Ratio is calculated by dividing the total number of claims settled during the year by total number of claims outstanding at start of the period plus claims reported during the year less claims outstanding at end of the period. The ratio provides insight into the efficiency of claim processing and customer satisfaction.

Further, Bajaj Allainz and Care Health were the next two with claim settlement ratio of 95.12% and 92.61%, respectively in FY 2024.

Among others in the top 11 list in terms of claim settlement ratio were Niva Bupa, National Insurance, Manipal Cigna, ICICI Lombard, Star Health and Aditya Birla.

Let us look at the table to know more:

Another key parameter that determines the performance of health insurers is tie up with network hospitals for facilitating cashless claim settlement.

The data shows that Star Health led the pack with over 14,000 tie ups for cashless settlement.

Three health insurers - Niva Bupa, Aditya Birla and Tata AIG shared the second spot with over 10,000 tie ups across the country.

HDFC Ergo came in third with over 9900 tie ups for cashless facility in FY 2024.

Let us look at the table to gain more insights: