One of the most important lessons that the ongoing pandemic has taught us is the need for having the right type of health insurance policy and having an adequate amount of it. However, just having a health insurance policy will not suffice if the insurer does not honour your claim during a medical emergency. So, how does one select a dependable health insurance provider?
One ratio that can help you is the claims settlement ratio (or customer rating in this blog post); this ratio gives you an idea as to how reliable the health insurance company can be in case you need to make a claim.
Now, let’s go through the following infographic and see what the numbers mean.
Among our health insurance partners, Cigna tops the chart with 95% claims settled in our 2-year partnership of making the claim. This is closely followed by Allianz Care and April International with 94% and 91%, respectively, within the 2-year period.
These top 10 health insurers have a customer rating of over 80-95% (which is an ideal range recommended by claims experts).
How claims settlement ratio (customer rating) helps
It is a term which reveals how much claims have been paid by the insurer in a given year. This ratio is one of the most important parameters to look at before buying the policy. With this ratio, policyholders can gauge how much claims are paid by the insurer and how much of it gets rejected.
This ratio tells you that out of 100 claims that the insurance company receives how many have been paid by the insurer.
If the claims settlement ratio is 90%, it means that insurer made payments against 90 claims out of 100 claims and did not pay for the remaining 10 claims during the specified period.
A great insurance company should not only honor all eligible claims but it should also process these in the swiftest possible manner. So the higher the ratio, the better it is for the policyholders.
If you are interested in comparing health insurance plans that fit your needs and budget from the world’s leading insurers in just a matter of seconds, please check out our rapid medical insurance comparison tool here.