health insurance product is when a policyholder raises a claim. So in rating insurance policies for customers, claims data becomes an important parameter by which to assess an insurer.Mint SecureNow Mediclaim Ratings (MSMR), too, looks at claims data available in the public domain when rating health insurance plans.
MSMR rates insurers on the basis of their performance on claims settlement, time taken to settle claims and complaints related to claims.
While this helps in ascertaining the performance of an insurance company on a macro level, it may not give a clear picture to the end consumers for two reasons: the numbers are adulterated with group claims and claims settlement rate does not give customers an idea about the out-of-pocket.