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Ageas Federal Life Insurance Claim Settlement Ratio Trend

Ageas Federal Life Insurance is a reputed name in the Insurance sector. It offers various convenient and affordable life insurance products like term plans, ULIPs, savings plans, and retirement solutions. The comprehensive insurance package is provided by a team of 3 premier market giants- Ageas, which is a reputed Indian commercial bank, Federal bank which is another known private bank and Ageas, which is a multinational company of the Insurance sector.

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Insurance Claims

Every year, each insurance company receives thousands of claims, which in simple terms, are applications for compensation under the terms of the insurance cover. These claims call for settlement by the Insurance Company.

Thus, an insurance claim is a payment made by the Insurance Company to the insured party in case of a mishap as mentioned in the contract and in return for the premiums that the insured has made earlier.

An insurance company's reliability rests on the timely and appropriate settlement of claims.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Claim Settlement Ratio or the CSR

The success of any Insurance firm is determined by the Claim Settlement Ratio, which is an important parameter and is expressed as a percentage.

For a particular financial year, if claims made in the year are given by A, and the claims settled and paid are B so that the Claim settlement ratio will be denoted by B/A.

Claim Settlement Ratio = Claims settled and paid in that year (B) / Claims made in the      year (A)

Where Claims made in the year include claims pending at the start of the year plus claims made in the year.

This is an essential parameter that is used by the customers while comparing life insurance plans from different companies before purchasing a policy.

Claim Settlement Ratio Trend for Ageas Federal Life Insurance

Based on the information published by IRDAI, i.e. Insurance Regulatory and Developmental Authority of India, the following is a table presenting the Claim Settlement Ratio trend for six years for Ageas Federal Life Insurance Company:

Financial Year CSR AS %
2012-13 80.06%
2013-14 90.34%
2014-15 75.8%
2015-16 84.79%
2016-17 90.33%
2017-18 91.99%

From the table, it is well evident that the company has worked hard in effectively settling its claim per year. As is evident from the data, the CSR % had progressively increased from 80.06% in 2012-13 to 91.99 % in 2017-18. The numbers showed a dip in 2014-15, but then there is again a steady rise successively till date.

Ageas Federal Life Claim Settlement Ratio for 2016-17: An analysis

Insurer Claims pending at the start of 2017 Claims made Total Claims Claims approved Claims Rejected CSR %
Ageas Federal Life  20 1045 1065 962 96 90.33%

  • The CSR % shows that Ageas Federal Life Insurance has been successful in settling 90.33% of the total claims made in the FY 2016-17out of a total of 1065.

  • The total claims for an FY also include claims pending at the start of the financial year.

  • The claims include death claims also, and not just term plan claims.

  • The claims rejected are 96 which constitute the Claim Repudiation % of 9.01%

  • The claims which are still pending are also taken into calculation.

  • The pending claims become the opening balance for the next FY.

  • A CSR above 90 here shows a good track record.

Ageas Federal Life Claim Settlement Ratio Efficiency

Claim efficiency is an important deciding factor when a term insurance plan has to be selected. Not only is the Claim settlement Ratio essential as a ratio, but it also highlights the efficiency and reliability of the company in settling the claims presented to it. Along with the CSR, the number of days taken to settle a claim is also important. The more time an insurance company takes to settle a claim, the lower will be its efficiency.

The average time is taken to settle a claim by Ageas Federal Insurance 45 days

This shows that the Ageas Federal Insurance takes roughly about 45 days to settle a claim successfully. A lower average settlement time shows a higher efficiency value for the insurance company. Higher efficiency shows the company's reliability, and in turn, popularity in the market among the potential buyers of the policy.

Based upon both the CSR and the average claim settlement time, it becomes easy for the buyers to make a proper discretion related to which product to choose from.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Final Words

Ageas Federal Life Insurance caters to the insurance needs of the Indian customers with a variety of insurance products. The company has been able to scale heights of success with its innovative solutions and growth strategy. It has recorded a favorable Claim Settlement Ratio of 91.99 % for the financial year 2017-18.

Note: It is suggested to calculate the term plan premium on the term plan calculator online tool by Policybazaar before buying.

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