Claim settlement ratio means the number of claims settled as compared to the number of claims received. This is an important metric used to choose group term life insurance. When you choose an insurer with a higher claim settlement ratio, then your employees are more likely to have a good claim experience. 

Claim settlement means when a claim is raised by a policyholder, the insurer accepts or rejects the claim. This accounts for the settlement of the claim. In group term life insurance, when an employee dies, the nominee submits a filled claim form to receive the death benefit. The insurer will verify the details of the employee, beneficiary and regarding the fatal incident. They will also vet the original documents submitted to process the claim in order to see your group term life insurance claim status. After that, the insurer will settle the claim. 

Claim settlement ratio of top life insurers

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