Star Union Life Insurance Claim Settlement Ratio

Star Union Dai-ichi Life Insurance Co. Ltd. is a joint venture between country’s two leading public sector banks – Bank of India (BOI) and Union Bank of India, and Japan’s renowned life Insurance company – Dai-ichi Mutual Life Insurance Company. With over 11,000 branches across the country, the insurance company is catering to more than 64 million customers.

How Claim Settlement Ratio (CSR) is measured?

The Claim Settlement Ratio is expressed as the number of claims settled divided by the total number of claims reported in a given financial year, including the claims outstanding at the beginning of the financial year. The claim settlement ratio is expressed in percentage which is helpful for comparing the claim settlement data by the customer across insurers. The claim settlement ratio is calculated for every financial year.

Claim Settlement Ratio = Total claims settled / Total claims received
where, Total Claims received = (Claims reported in the financial year + claims pending at the start of the year)