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Top General Insurance Companies with Best Claim Settlement Rate
- DetailsWritten by PolicyBazaar -
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Updated date : 06 July 2020
An individual goes to work to earn money so as to live a comfortable life, fulfil his family’s needs and secure his and his family’s future. He also envisions his family’s life after him and therefore purchases a life insurance policy that offers a good sum assured. This is to ensure that everything is fine with his family when he is not around.
Unfortunately, if something untoward happens to the policyholder, the family approaches the insurance company just to find out that the company’s claim settlement process is not very customer-friendly? Getting your claim amount in parts or not at all does not serve the sole purpose of buying insurance. If one cannot get the assured benefits from the insurance company, then it is better one does not own one in the first place. The same is true for all types of insurance like health, travel, property, automobile, etc. Hence, selecting the best general insurance company that fulfils all your needs and is good in claim settlement is of supreme importance.
What do you Mean by Claim Settlement?
Claim Settlement Ratio (CSR) is the gauge that clarifies how many claims are settled by the Insurance Company in a given financial year. It is figured out as the total number of claims received against the total number of claims settled. For example, if a company has settled 98 claims out of the 100 claims that it received, then the claim settlement ratio of that company is 98%. We can say that the remaining 2% are rejected by that company.
On the basis of the claim settlement ratio, one can come to a conclusion as to how customer-friendly and quick the insurance company is in settling the claims.
We, human beings, value our own things like our home, vehicle, money, gold and things that are not related to death. These valuable things need to be protected from any kind of damage or harm and that is why Non-life Insurance or General Insurance is needed. These insurance policies protect our valuables and in turn protect us.
The valuable things like home, vehicle, gold, etc. have a lot of financial risks attached to them. Therefore, we need to give them financial protection from natural calamities, such as storms, earthquakes, floods and unforeseen situations, such as fire, car accidents, theft, etc. This is when General Insurance comes into the picture.
General insurance not only provides financial protection to our valuables from the above mentioned calamities and events, they also cover legal expenses incurred in the process. Such insurance policies generally have tenure of one year.
Top General Insurance Companies with Best Claim Settlement Rate
There are a wide range of General Insurance companies in India. On the basis of your requirement, you can select the best general insurance company to buy insurance from. Some of the best insurance companies, based on their claim settlement ratios, total business, customer satisfaction and reputation in the market, are listed below to help you and your dear ones from buying insurance from a company that is trustworthy and customer-friendly.
Aditya Birla Insurance Brokers Ltd. ( ABIBL)
The company is a subsidiary of One of the leading insurance brokers, Aditya Birla Capital Ltd. regulated by the IRDAI, launched ABIBL as a subsidiary to simplify general insurance services for the customers. It has established strong relations with both insurers across Indian and across the globe including Middle East, South Asia, and South-East Asia. Aditya Birla Insurance Brokers Ltd. has access to a wide range of general insurance products and solutions ensuring that its clients are provided with comprehensive risk management strategies.
Bharti AXA General Insurance Co. Ltd.
Formed in the year 2008, Bharti AXA General Insurance Company Ltd. is a joint venture between the leading business groups, The Bharti Enterprises and AXA business group. They have expanded their spread in Life Insurance as well as in General Insurance products, in a very short time span. Bharti AXA has a wide network and trained insurance distributors who can provide perfect financial service to different customers. They have a huge number of satisfied customers. They assure a hassle-free claim settlement procedure with a claim settlement ratio of 92.37%.
Bajaj Allianz General Insurance
Bajaj Allianz General Insurance Company Limited is a joint association between the world’s well-known and leading insurance company Allianz SE and Bajaj Finserv Limited. They started in the year 2001 and have a varied customer base of individuals and corporates and a wide range of interesting products. For 10 consecutive years, it has received ICRA’s iAAA rating. They offer a trouble-free and easy claim settlement service with a claim settlement ratio of 91.67%.
Chola MS General Insurance
The Company is headquartered in Chennai. Cholamandalam MS is a general insurance company is a joint venture between Mitsui Sumitomo Insurance and Murugappa Group. Chola MS is one of the most popular insurance companies in India, offering a wide range of insurance products are Travel Insurance, Home Insurance, Health, Motor and Personal Accident Insurance.
Digit General Insurance Company
Mr. Kamesh Goyal, is the CEO of Go Digit General Insurance Company. In the past year, the insurer has sold more than 10 lakh motor, health, travel insurance and many more. And the company has settled more than 87% of the insurance claims within 24 hours. The insurer has bagged Asia’s General Insurance Company of the year and Top Indian Start-up Award 2019.
Edelweiss General Insurance Company
Edelweiss General Insurance holds the legacy and trust of the Edelweiss Group. In the past 20 years the insurance provider has touched the lives of millions of customers with its excellence in the insurance services. The insurer has bagged SAP Process Innovation Award 2018 for game changing SAP for insurance innovation. The company offers a range of insurance products to its different set of customers and has been one of the most popular names in the general insurance sector.
Future Generali India Insurance Co. Ltd.
Future Generali General Insurance Company, a partnership venture between the Future Group and the Generali Group, provides a variety of financial protection solutions for the customers through their vast range of insurance products. The company presents you with a feeling of being free from threat or danger and enables you to lead a tension-free life. The insurance plans that they offer are designed to suit your requirements.
HDFC ERGO General Insurance Co. Ltd. (formerly known as Apollo Munich)
HDFC ERGO General Insurance Company is a joint enterprise of most popular financial institutions, HDFC and the insurance side of Munich Re Group ERGO International AG. HDFC ERGO provides a wide range of insurance solutions, such as motor insurance, health insurance, travel insurance and many more. Being one of the best in the private sector of insurance providers, it is awarded with an ISO certification and even conferred upon the reputed iAAA rating by ICRA (IICRA- Investment Information and Credit Rating Agency) and is well-known for its great claim settlement ratio (97.62%). It has a satisfied and loyal customer base.
IFFCO Tokio General Insurance Company Limited
The General Insurance Company started its operations in the year 2000. It is a joint venture between Nichido Fire Group of Japan, the Indian Farmers Fertilizer Cooperative Ltd, and IFFCO Tokio Marine. It is one of the most popular general insurance providers in India. They offer a wide range of customized insurance plans to meet the specific needs of its customers.
Kotak Mahindra General Insurance Company
Kotak Mahindra General Insurance is a subsidiary of Kotak Mahindra Bank. The company was launched to serve the non-life insurance sector such as health insurance, motor insurance etc. There are nearly 13 branches across India to ensure the best of services to its customers. The insurance plans are customizable to cater to the specific needs of the insurance seekers.
Liberty General Insurance Company Limited
Liberty General Insurance Ltd. commenced its insurance services in 2013. It is a joint venture between DP Jindal Group, Liberty Mutual Insurance Group, Liberty City state holdings PTE Limited. and Enam Securities. The company offers a wide range of retail, comprehensive, industrial and commercial insurance solutions. They are present in more than in 50 cities across 23 states in India.
Max Bupa Health General Insurance Company
The Insurance company is a joint venture between True North Indian private equity firm and Bupa, which is a UK based healthcare service provider. The company envisions to become one the most admirable health insurance companies partnering with expert healthcare providers such as Bupa, who have presence in more than 190 countries across the globe.
Manipal Cigna Health General Insurance Company
Manipal Cigna Health insurance Co. Ltd. was earlier known by the name of CignaTTK Health Insurance. The Insurer works as a joint cooperation between the Cigna Corporation, which is a global health services provider with presence in more than 30 countries across the globe and the Manipal Group. The company provides a range of insurance products such as travel, health, personal accident, global care to employer-employee, individuals, and other groups to cater to their diverse health needs.
National Insurance Company Limited
One of the oldest providers of general insurance, National Insurance Company Limited, is well-known to have achieved remarkable developments by launching some great insurance products not only for the corporate but also for the rural customers. Consolidated in 1906, this company provides a large variety of insurance-related services.
The New India Assurance Co. Ltd.
Founded by Sir Dorabji Tata, in 1919, the New India Assurance Insurance Company Limited is a multinational general insurance company owned by the Government of India, with its headquarter in Mumbai and operations going on in 28 countries. CRISIL has bestowed the New India Assurance with an AAA/Stable rating, which reflects company’s financial strength and solubility. This is a strong factor that proves that the company has the ability to manage their customers’ claims. In India, New India Assurance is the only insurer rated an ‘A’ which stands for Excellence by AM Best.
The Oriental Insurance Company Ltd.
Being a Government-owned general insurance company, the Oriental Insurance Company is dependable and has won many awards in the industry. As it is connected to the government, it provides the feeling of peace. It has over 1800 offices nationwide from where it lives up to the expectations and beliefs of its clientele. It is recognized for its immediate and nuisance-free claim settlement and some practical add-ons.
Religare General Insurance Co. Ltd.
Religare General Insurance Company is a part of Religare Enterprise Private Ltd. along with
the Corporation Bank and Union Bank of India. Approved by the Insurance Regulatory and Development Authority of India in 2012. Religare general insurance is one of the leading private sector insurance companies to fund policies in the general insurance sector.
Raheja QBE General Insurance
Raheja QBE or RQBE General Insurance Co. Ltd is a joint venture Prism Cement Limited and QBE Holdings (AAP) Pty Limited. It is one of the most respected insurance companies in India. The company offers various insurance services in the personal and corporate insurance sector. The ranger of products includes – health insurance, accidental personal, cattle, domestic property, marine, motor, workers compensation etc.
Royal Sundaram General Insurance
Royal Sundaram insurance company has a widespread network in more than 130 cities across the country. They have 5.20 million customers across India. The company offers customized insurance products to the SMEs and rural customers also. Royal Sundaram bagged the ‘Celent Model Insurer Asia Award’ for their efficient claims management system.
Reliance General Insurance Co. Ltd.
Part of Reliance Capital, Reliance General Insurance Company Limited provides all kinds of insurance with a vast variety. Customers are facilitated with tailor-made plans as per their needs. With 94.53% of claim settlement ratio, Reliance General Insurance strives to provide hassle-free claim settlement experience and satisfaction to their valued customers.
SBI General Insurance
SBI General Insurance Co. Ltd. started its operations in 2010 as a joint venture between the State Bank of India and Insurance Australia Group with a share of 74% and 26% respectively. SBI General Insurance has its presence in more than 100 cities across India. Through its online medium, the insurer has expanded its reach in more than 350+ locations. SBI General Insurance offers insurance products to its retail customers, corporates, and SMEs.
Shriram General Insurance Co. Ltd.
Shriram General Insurance Company Limited, a joint venture between Shriram Capital Limited and Sanlam Limited, was awarded with “Excellence in Growth Award” for two consecutive years 2011 and 2012. The prime intention of this company is to serve “Aam Admi” that is common man with its wide range of insurance products.
Tata AIG General Insurance
Established in 2001, Tata AIG General Insurance Company Limited is a joint venture between the biggest group of Industries of India, Tata Group and an international insurance company, the American International Group (AIG). To fulfil the customer’s needs, Tata AIG provides various insurance products. In 2013, Claims Awards Asia awarded Tata AIG with the “General Insurer Claims Team of the Year”. With their claim settlement ratio of 96.01%, they assure easy claim settlement to their customers.
United India General Insurance
United India Insurance Company Limited commenced its operations in 1938. Their general insurance business kicked off in 1972. The company is a merger of 12 Indian Insurance Providers, Indian operations of 5 Foreign Insurers, General Insurance operations of southern region of LIC and 4 Cooperative Insurance Societies. They have 1340 offices catering to a large number of customers in India. Their insurance products range from bullock carts to satellites, including motor insurance.
Universal Sompo General Insurance
The insurance company is a joint venture between Allahabad Bank, Sompo Japan Insurance Inc, Karnataka Bank, Indian Overseas Bank, and Dabur investment Corporation. Universal Sompo offers a number of general insurance products like health, motor, and commercial insurance. It is a renowned name in the general insurance industry.
There are a variety of General Insurance Companies in India, which provide different general insurance products to their customers to fulfil their needs. But, how should one choose as to which company is the Best General Insurance Company:
- First of all, you should choose a general insurance company that has the potential and trustworthiness to fulfil their assurances and promises.
- The general insurance company should have a good financial stability and solubility.
- The premiums laid by these companies should be affordable.
- One should consider the claim settlement process and the time taken by the company to settle a claim, before deciding upon the company.
- The company should provide a magnificent customer service and exceptional claim settlement ratio.
- The company should offer you with policies that meet your requirements.
After considering the above pointers and comparing the various offers provided by different companies, you will be confident enough to settle upon the best general insurance company that suits your requirements at its best.
Disclaimer : *Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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