Before going for an in-depth analysis it is good to know what is death claim settlement ratio is and why it is important to you as a customer.
Settlement of Death Claim in a prudent and speedy manner is the prime duty of any life insurance company. The claim settlement performance of an insurance company can give a clear indication of the trustworthiness of the company.
The death claim settlement ratio of an insurer is the percentage ratio between claims settled and claims received in the period of time. In other words, if the claim settlement ratio of a life insurer is 80% it means that the insurer pays 80 out of every 100 claims that occurred during the period. The claim settlement ratio can be calculated based on the number of policies or the benefit amount settled. Analysis of both these parameters is required to get a proper understanding of the claim settlement performance of an Insurance company.