There are several reputed general insurance companies in India offering varied coverage options to individuals. It can thus become a challenge to find a trustworthy insurance company offering these policies.
With a bunch of general insurance coverage options to choose from under various categories and these many providers, finding the right insurance provider can become like locating a needle in a haystack.
Worry not though, as you can rely on a host of parameters to assess various insurance providers available in the market. Comparing them based on these aspects can help locate the most trustworthy general insurance company with ease.
Ways to Locate a Trustworthy General Insurance Provider
Keep the following essential aspects in mind when finding a trustworthy general insurance provider -
- Check the claim settlement ratio: The claim settlement ratio of a general insurance provider is a critical parameter that should allow you to assess their trustworthiness related to the history of claim settlement. Essentially, a claim settlement ratio is a numeric representation of the percentage of claims settled out of the total claims made. Naturally, a high claim settlement ratio means that the chances of getting your insurance claim settled remain high, thus creating a sense of trustworthiness in the general insurance company.
- Assess ease of claim settlement: Along with the claim settlement ratio of the company, you must also check the processing ease it facilitates for settling the claim made. This involves the entire process of claim settlement, right from the process of making a claim to settling through financial reimbursements or covered services. Ideally, the option to make a claim is made available online by the best insurers.
- Refer to the insurer’s solvency ratio: The solvency ratio of a general insurance provider is another critical financial parameter that indicates the financial health of the company for settling claims. In simple terms, the solvency ratio is the comparison of how much the company holds as its assets with how much it owes to other parties. Insurers must maintain a solvency ratio of 150% or 1.5 to keep their risks of bankruptcy low and remain financially healthy, as per IRDAI guidelines. You can check the annual report of IRDAI each year to check the solvency ratio of your selected general insurance company to check its trustworthiness.
- Go through the company’s credibility and reputation in the market: Another way to assess the trustworthiness of a general insurance provider is to check its credibility and reputation in the market. An insurance provider that has maintained a history of impressive reputation and credibility in the market is likely to do so in the future too. Such a company will also likely be among the first word-of-mouth suggestions.
- Assess customer service: Customer service can be of much help to policyholders and prospective customers in case of enquiries related to the policy or any possible claim. You must check if the customer service of the insurer is customer friendly and seamless or not.
- Check policy coverage and exclusions: A reliable and trustworthy insurance provider of a general coverage policy will also likely keep their communication regarding the policy coverage and exclusions clear. You must, nevertheless, go through the policy document in detail to better understand the coverage.
These are some primary aspects to identify a trustworthy general insurance provider in the market. Taking a careful look at all these factors before zeroing in on the general insurance policy will help you buy a policy from an insurer that is reputed and trustworthy. This will ensure that in your hour of need, your insurance claims are met without any hiccups.