What is a Claim? IRDAI Seeks Industry's Standard Definition The Indian non life insurance industry has long struggled with transparency when it comes to claim settlement ratios.
This lack of clarity makes it difficult for consumers to gauge the financial health and customer satisfaction of various companies.
The Insurance Regulatory and Development Authority of India (IRDAI) recently intervened, asking the industry to develop a standardized definition of "claim" and a uniform method for calculating claim settlement ratios.