If you are thinking of ways to sieve the top health insurance providers in the industry, one metric that you should consider is - Claim Settlement Ratio (CSR).
CSR is a common jargon used across the industry and measures the number of claims settled by an insurer against the number of claims raised to the provider across a year.
Now, while this is an important metric used to gauge the credibility of an insurer, CSR can’t be the sole determining factor. This is because it doesn’t throw light upon whether a claim was settled completely or partially, and thus can be misleading.
Rather, we would recommend that when choosing a health insurer, along with CSR, you consider the following factors -?
1. Incurred Claim Ratio (ICR)?
2. Complaint Volume?
3. Average Annual Business Income?
4. Product Portfolio?
5. Insurer Track Record
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