Hi,
Kotak Life Insurance recently revealed that its Claim settlement is as high as 97%.....
Kotak Life Insurance is nearing
completion of 11 years of business and we all know that
settlement of claims is a good yardstick to measure our business
philosophy.
Kotak recently sent this mail to me...and it goes like this...
We are all aware of KLI Claims Department’s philosophy
- “WE ARE IN THIS BUSINESS TO SETTLE CLAIMS”
and we ensure that we give our best to the customers approaching us
trusting that we will fairly settle all their claims. We are always
there when the families need us the most. We ensure
that we don’t create unwanted hurdles to the families of the deceased,
who are already in pain and sorrow. Hence, our Claims Department runs
with the branding of “Claims Mitra”.
To share Claims facts
and figures w.r.t. our Death and Critical Illness claims, as is done
every quarter:
| Financial Year | 2010-11 | 2011-12
H.Y. ended 30.09.2011 |
| | No.
of
Claims | No.
of
Claims |
Claims O/S at the
beginning of the
period | 298
| 375
|
Claims reported during
the period | 5,128
| 3,382
|
Claims Settled during
the period | 4,894
| 3,300
|
Claims Repudiated during
the period | 157
| 109
|
Claims O/S at End of the
period | 375
| 348
|
During the Financial
Year 2010-11, we received over 5000 claims - 50% increase over 2009-10.
In 2010-11, we have paid over 4900 claims- which is 54% more claims
paid over 2009-10. In F.Y. 2010 -11, we paid over
Rs.105 crores.
You would be happy to
know that your Claims Department has maintained this trend this year as
well by paying 3,300 claims worth around Rs. 55 crores
already in the first six months of 2011-12.
We have totally paid over 15,750 claims amounting to over Rs.
350
croresfrom inception, which means around
half of our total claims paid in 10 years have been paid out in the
last 18 months itself. This shows that as our
Company grows and claims increase, our claim servicing is matching with
the pace and doing justice to our customers and families.
While
stating
this,
you would also be happy to know that our repudiation
ratio has been just around 3%, which means that 97% of claims are
settled - which is surely a great news for our customers.
I am also happy to mention here that currently over 95%
of our claims are being paid within 7 Days and
around 99% within 10 Days from
receipt of all documents. As on today, we have just
36 claims over 90 days which are pending to be processed.
I would also like to make a small mention over here that right
from the beginning, we have a separate fast track claims process in
place to ensure that we pay all natural calamity claims or unexpected
major event claims, for eg., Mumbai floods, Bomb Blasts,
Tsunami, Earthquake etc. within max. 2-3 days’ time so that our
customers do not have to face any sort of difficulties in addition to
the difficult times already faced by them during such disheartening and
painful events.
Just for the records, I
would also like to highlight that we have paid largest claim of ` 15.80 crores
on single life within 11 days from the
date of intimation. This is the largest single claim paid till date for
KLI and surely amongst the highest in the industry as well. Payment of
such a large claim in a short duration of time again shows our
commitment towards our operating philosophy.
I am sure that this
information shall help our clients – existing as well as prospective,
to assess Kotak Life Insurance from claims servicing perspective .
And how much you are covered.
