Max Life Insurance Co. Ltd on Monday announced that it has paid 19,922 death claims worth Rs 885.57 crore during the financial year 2020-21. With this, the company has achieved an all-time high individual death claims paid ratio of 99.35%. It has settled individual claims worth over Rs 562 crore in 2019-20.
To improve the claim-settlement process, the company has recently deployed analytics-based underwriting models and robust fraud management.
Commenting on the achievement, Prashant Tripathy, managing director and chief executive officer, Max Life said, “This new benchmark is an incredible testament to our belief in upholding customer trust as the cornerstone of our business. And to achieve that in a year that was affected by the pandemic is truly special. Our focus on digital has helped customers submit claims on time, using self-service options, and subsequently ensuring a speedy settlement process, entirely removing friction and hassles of a physical process."
“Max Life has steadily and consistently improved its claims paid ratio in the last five years, surpassing the remarkable 99% mark consecutively for the past two financial years," the company said.
Since its inception till Mar’21, Max Life Insurance has paid Rs 4123.57 crore towards death claims to 1,32,868 policies, the insurer said.
Max Life has strengthened digital servicing initiatives to deliver contactless, paperless services and enable more self–serve options. This has also introduced WhatsApp for customer servicing, integrating an AI-based chatbot - ‘Mili’ to serve customers round the clock, the company said. “This has helped Max Life handle more than 40 lakh service queries on its digital platforms in FY21, and significantly decrease the turn-around time in servicing performance by up to 50% from 2020," it further added.