ManipalCigna Health Insurance Claim Settlement Ratio
ManipalCigna Health Insurance is a partnership between Cigna Corporation, a US-based health insurance company and Manipal Group. The company offers a range of health insurance products designed for the diverse needs of customers. One of the critical factors that customers consider while purchasing health insurance is the claim settlement ratio (CSR) of the insurance company. This article will discuss the significance of the ManipalCigna Health Insurance claim settlement ratio.
What is Claim Settlement Ratio (CSR)?
Claim Settlement Ratio (CSR) is the ratio of the number of claims settled by an insurance company to the total number of claims received during a particular period. CSR is an essential indicator of an insurance company's reliability and efficiency in settling claims. The higher the CSR, the better the chances of policyholders settling their claims promptly and hassle-free.
ManipalCigna Health Insurance Claim Settlement Ratio?
ManipalCigna Health Insurance has consistently performed well in claim settlement ratio over the years. Per the IRDAI (Insurance Regulatory and Development Authority of India) Annual Report 2021-22, ManipalCigna Health Insurance had a Claim Settlement Ratio (CSR) of 99.90% for the financial year 2021-22. This indicates that the company has settled almost all the claims it received during the year, which is commendable.
ManipalCigna Health Insurance has achieved a high CSR due to its robust claims settlement process. Manipal Cigna Health Insurance company has a dedicated team of professionals who handle claims and ensure they are settled quickly and efficiently. The company has also invested in technology to streamline the claims settlement process and make it more customer-friendly.
| ManipalCigna Health Insurance Claim Settlement Ratio - 2021-22 | ||||||
|---|---|---|---|---|---|---|
| Number of Claims Paid | < 3 months | 3 months to 6 months | 6 months to <1 year | 1 year to < 3 years | 3 years to < 5 years | 5 years |
| Claims Settled | 99.90 | 0.06 | 0.02 | 0.02 | - | - |
*Data has been sourced from the annual report of IRDAI 2021-22
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Benefits of a High Claim Settlement Ratio
A high claim settlement ratio is a critical factor for policyholders when choosing an insurance provider. It offers several benefits, such as:
Peace of mind
A high claim settlement ratio assures policyholders that their claims will be settled promptly and without any hassles, giving them peace of mind.
Trust
A high claim settlement ratio builds trust between policyholders and the insurer, demonstrating the insurer's commitment to fulfilling its obligations.
Customer satisfaction
A high claim settlement ratio leads to greater customer satisfaction, as policyholders are likelier to recommend the insurer to others.
ManipalCigna Health Insurance Claim Settlement Process
It is essential to understand the claim settlement process along with the claim settlement ratio of Manipal Cigna Health Insurance. Manipal Cigna Health Insurance offers two types of claim settlement processes, i.e., cashless claim process and reimbursement claim process:
Cashless Claim Process
- Submit your ManipalCigna health card proof at the network hospital along with the ID proof.
- The network hospital will send the pre-authorization form and other documents to Manipal Cigna Health Insurance company.
- ManipalCigna Health Insurance will verify all the details. This may involve contacting the hospital or healthcare provider to confirm the details of the claim.
- Once the verification is done, ManipalCigna will approve the cashless claim.
- After the approval, Manipal Cigna will pay the treatment cost to the network hospital.
Reimbursement Claim Process
- Inform ManipalCigna Health Insurance about the hospitalization.
- During discharge, collect all the documents, such as receipts, original hospital bills, investigation reports, discharge summaries, and pharmacy bills.
- After discharge, pay all the hospital bills.
- Then, file a reimbursement claim to Manipal Cigna health insurance.
- Submit all the documents for verification to Manipal Cigna along with the duly filled claim form.
- Manipal Cigna health insurance will verify all the documents.
- Once the verification is done, ManipalCigna will approve your claim and transfer the reimbursement amount to your registered bank account.
Conclusion
ManipalCigna Health Insurance's high claim settlement ratio reflects its customer-centric approach and commitment towards policyholders. A high claim settlement ratio is essential for building trust, ensuring customer satisfaction, and providing peace of mind to policyholders. Therefore, customers should consider it an essential factor when choosing a health insurance provider.