BSLI claims of lowest outstanding claims ratio
Birla Sun Life Insurance (BSLI) on Thursday claimed a continuous improvement in its performance on the outstanding claims ratio from 3.14 per cent in FY04 to 2.52 per cent in FY05 to 1.72 per cent in FY06.
By PTI |
MUMBAI: Birla Sun Life Insurance (BSLI) on Thursday claimed a continuous improvement in its performance on the outstanding claims ratio from 3.14 per cent in FY04 to 2.52 per cent in FY05 to 1.72 per cent in FY06.
This effectively means that of every 100 claims intimated to BSLI in FY06, 98.28 stands cleared in the same financial year and the balance 1.72 only is pending clearance for reasons of non-submission of basic claim requirements, a press release issued here on Thursday stated.
Outstanding claims ratio is the ratio of number of claims pending for settlement at the end of the financial year vis-a-vis the total number of claims intimated to the company in the same financial year.
Commenting on its performance, BSLI's Chief Operating Officer, Mario Braganza, said that "we have brought in place the best claims settlement process with standards equivalent the best international standards and have made the claims process simple and specific to ensure that all legitimate claims are processed as soon as possible."
This effectively means that of every 100 claims intimated to BSLI in FY06, 98.28 stands cleared in the same financial year and the balance 1.72 only is pending clearance for reasons of non-submission of basic claim requirements, a press release issued here on Thursday stated.
Outstanding claims ratio is the ratio of number of claims pending for settlement at the end of the financial year vis-a-vis the total number of claims intimated to the company in the same financial year.
Commenting on its performance, BSLI's Chief Operating Officer, Mario Braganza, said that "we have brought in place the best claims settlement process with standards equivalent the best international standards and have made the claims process simple and specific to ensure that all legitimate claims are processed as soon as possible."
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