Oriental Car Insurance Claim Settlement Ratio

What is Claim Settlement Ratio?

Claim Settlement Ratio is a measure of the number of claims settled by an insurance company in relation to the number of claims it receives. It is expressed as a percentage and indicates the company’s efficiency in settling claims. A higher claim settlement ratio usually indicates that the company is more prompt in settling claims. This ratio is generally taken into account before purchasing an insurance policy as it is an important factor in determining the reliability of an insurance company.

Oriental Car Insurance Claim Settlement Ratio

Oriental Insurance Company Ltd. has a claim settlement ratio of 93.33%. This is considered to be one of the highest in the industry, and makes Oriental the ideal choice for car insurance. The company offers several benefits along with its car insurance policies, such as cashless service, 24x7 customer service, and coverage for third-party liabilities. It also offers add-on covers such as zero depreciation cover, return to invoice cover, and engine protector cover. All these benefits, coupled with its high claim settlement ratio, make Oriental an attractive option for car insurance.

What Factors Affect Claim Settlement Ratio?

Claim settlement ratio is affected by several factors, such as the number of claims rejected, the number of claims that have been settled, and the total number of claims received. It is also affected by the insurer’s ability to process claims quickly and efficiently. The claims process must be hassle-free and the turnaround time for claims must be short. All these factors play a role in determining the claim settlement ratio of an insurance company.

How to Increase the Claim Settlement Ratio?

In order to increase the claim settlement ratio, an insurance company must ensure that the claims process is smooth and efficient. It must also ensure that the turnaround time for claims is short. The company must have sufficient staff to process claims quickly and efficiently. It must also have a clear and easy-to-understand claims process. Finally, the company must make sure that the claims are properly documented and that there is no delay in the processing of the claims.

Conclusion

Oriental Insurance Company Ltd. has a high claim settlement ratio of 93.33%. This makes Oriental the ideal choice for car insurance. The company offers several benefits along with its car insurance policies, such as cashless service, 24x7 customer service, and coverage for third-party liabilities. It also offers add-on covers such as zero depreciation cover, return to invoice cover, and engine protector cover. All these benefits, coupled with its high claim settlement ratio, make Oriental a great choice for car insurance.