Max Life Insurance claims paid ratio at an all-time high of 99.22 pc
Jun 02, 2020
New Delhi [India], June 2 : Max Life Insurance Co Ltd said on Tuesday it paid 15,342 death claims amounting to Rs 563 crore in the financial year 2019-20, thus achieving an all-time high individual death claims paid ratio of 99.22 per cent in the company's last five-year performance.
The company said it has consistently improved its claims paid ratio in the last five years to breach the remarkable 99 per cent mark this financial year, thereby reiterating its commitment towards cementing customer trust.
Since inception, Max Life has paid individual death claims of Rs 3,238 crore to family members of its 1.12 lakh policyholders. In FY 19-20, out of a total 15,463 death claims received, only 120 were rejected and one case was pending for closure at the end of the financial year.
Payment of death claim is the biggest moment of truth in a life insurance contract and is the ultimate manifestation of a life insurer's devotion towards its customers and overall reliability, said Managing Director and Chief Executive Officer Prashant Tripathy.
"Our commitment to our customers has been validated by our consistency in achieving a claims paid ratio of above 98 per cent in each of our immediate last three years," he said in a statement.
"Our continued investments in the areas of strengthening underwriting capabilities, technological interventions and an overall robust claims ecosystem will ensure continued progress for our customers and shareholders in the coming years," said Tripathy.
In the extremely trying times of COVID-19 pandemic enforced lockdown, the company strengthened its personalised claims services by enabling claimants to intimate claims online or from home via email and WhatsApp.
This is in addition to the initiative started about two years ago where a dedicated claims officer is assigned to handhold the nominees throughout the claim settlement process, it said.
