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Aditya Birla Health, Care Health and Niva Bupa are the top three players in terms of claim settlement ratio, shows a draft red herring prospectus of Niva Bupa Health.
Among all standalone health insurance companies, Aditya Birla Health has the highest claim settlement of 95.61% in FY 2024. The company’s claim settlement improved from 93.73% in FY 2022 but declined slightly from 95.95% in FY 2023.
Care Health and Niva Bupa Health occupy the next two spots with claim settlement ratio of 92.61% and 91.93%, respectively in FY 2024. Both Care Health and Niva Bupa Health saw improvement in their claim settlement compared to FY 2023.
Manipal Cigna Health has a claim settlement ratio of 88.54% in FY 2024. Star Health has the least claim settlement ratio among all standalone health insurers at 86.49%.
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.
Overall, standalone health insurers have a claim settlement ratio of 91.04% in FY 2024.
Let us look at the table to know more:
|
Health insurer |
Claim settlement ratio in FY 2024 (in %) |
|
Aditya Birla |
95.61 |
|
Care |
92.61 |
|
Niva Bupa |
91.93 |
|
Manipal Cigna |
88.54 |
|
Star Health |
86.49 |
|
Total average |
91.04 |