Icici Lombard Motor Insurance Claim Settlement Ratio

What Is Claim Settlement Ratio?

Claim settlement ratio is a measure of an insurance company’s performance in settling claims. It is the total number of claims settled by an insurance provider during a financial year, divided by the total number of claims received. It is expressed as a percentage, and a higher claim settlement ratio indicates better performance. In other words, a higher claim settlement ratio means that the insurance company is more likely to settle your claims quickly and efficiently.

Icici Lombard Motor Insurance Claim Settlement Ratio

Icici Lombard is one of the leading motor insurance providers in India. They offer a wide range of motor insurance products, and their claim settlement ratio is good. According to the latest data released by the Insurance Regulatory and Development Authority (IRDAI), the claim settlement ratio of Icici Lombard Motor Insurance stands at 97.20%. This means that Icici Lombard settles 97.20 out of every 100 claims that it receives. This is a great indicator of the company’s efficiency in settling claims.

What Makes Icici Lombard Motor Insurance Claim Settlement Ratio So High?

The high claim settlement ratio of Icici Lombard Motor Insurance can be attributed to its efficient and customer-friendly claim settlement process. The company has invested in the latest technology to ensure that the claims process is smooth and hassle-free. It also has a dedicated team of experienced and knowledgeable professionals to help customers with their motor insurance claims.

Icici Lombard has also taken steps to make sure that the claim process is transparent and that customers are kept informed about the progress of their claims. The company also offers a wide range of value-added services such as cashless facility, free towing, and more. All these features make it easier for customers to file and settle their motor insurance claims.

Conclusion

Icici Lombard Motor Insurance has an impressive claim settlement ratio of 97.20%. This indicates the company’s commitment to providing efficient and hassle-free claim settlement services to its customers. The company has invested in the latest technology and has a dedicated team of professionals to ensure that customers get the best service. Moreover, the company offers a range of value-added services to make the claim process easier.