Insurance Claim Pending Ratio

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Claim Pending Ratio Of Insurance Company

You must be knowing that when you file your claim with the insurance agency your claim gets registered. A certain life insurance firm or agency might have a claims pending ratio of 40%.This means that out of every 10 claims made 4 claims are pending. So Why Does This Happen? Does This Mean That The Reputation Of The Insurance Agency Is Bad? The agencies which have high claims pending ratio are relatively young. These life insurance agencies might get a large number of claims during their initial years of operation and might require a thorough investigation especially if the claims come from young policy holders of a term insurance policy within the first couple of years .Many times policy holders take up polices in these relatively newer private insurance Companies thinking of taking advantage of their relatively newer operations and these life insurance agencies need to do a thorough past medical history check up which might take time. Another major factor is that the claimant might not provide sufficient documentation or might not show interest in pursuing his claim. So these factors need to be kept in mind whenever you judge the claims pending ratio of a new insurance agency. However you need to note that an insurance agency with a 5-6 Year set up of operations should not have too high a claim pending ratio.

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