IRDAI has launched a health insurance scorecard initiative covering 15 major health insurers to boost transparency and enable consumers to make informed choices.
The scorecards rank insurers on four key dimensions: Claim Settlement Ratio (CSR), tracking the percentage of claims settled versus rejected; Cashless Approval Rate, measuring the share of cashless claims approved within one hour; Grievance Redressal Time, tracking the average time taken to resolve policyholder complaints; and Policy Retention Rate, indicating customer satisfaction and persistency.
Early Results: The initial scorecards, published on the IRDAI website, reveal significant variation across insurers. Star Health and Niva Bupa lead on claim settlement at over 96%. Cashless approval within one hour ranges from 72% to 94% across insurers. Average grievance redressal time varies from 3 to 12 days across companies. The scorecards will be updated quarterly and are part of IRDAI's broader push for transparency under the 'Insurance for All' vision.
Sources: IRDAI Official Website, MyFinancial (June 2026)