Max Life Insurance Achieves Claims Paid Ratio of 99.35%
New Delhi, India
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Paid 19,922 death claims worth INR 885.57 crores during the Financial Year 2020-211
Max Life Insurance Co. Ltd (“Max Life”/“Company”), today announced that it has paid 19,922 death claims worth INR 885.57 crore during the Financial Year 2020-21, resulting in an individual death claims paid ratio of 99.35% for the Company. Max Life’s customer commitment has helped the Company consistently improve the claims paid ratio to surpass the 99% benchmark for the past two financial years.
In the pursuit of becoming a digital-focused life insurer, Max Life has deployed predictive analytics-based underwriting models and robust fraud management strengthened by the digitization of forensic controls. This has consistently improved Max Life’s claims paid ratio over the last five years from 97.81% in FY’17 to 99.35% in FY’21, making it the company’s new ‘India Ke Bharose Ka Number’+.
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Max Life Insurance - Individual Death Claims Paid Ratio (%)* (Consistent improvement over the last 5 years) |
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FY 2016 - 17 |
FY 2017 - 18 |
FY 2018 - 19 |
FY 2019 - 20 |
FY 2020 - 21 |
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97.81% |
98.26% |
98.74% |
99.22% |
99.35% |
Mr. Prashant Tripathy, MD & CEO, Max Life said, “At Max Life, we are proud of accomplishing the milestone of 99.35% claims paid ratio in FY20-21. By prioritizing digital-led customer services, we have enabled a hassle-free claims settlement experience that has become more crucial during the pandemic. At a time when the customers have reached out to support them with quick claim disbursal, our focus on being 'Customer Obsessed' has inspired us to enhance our service with an assurance of standing with them at the most critical juncture of the relationship.”
By understanding the customer’s requirements during the pandemic, Max Life has strengthened digital servicing initiatives to deliver contactless, paperless services and enable more self-serve options. The Company has also introduced WhatsApp for customer servicing, integrating an AI-based chatbot - ‘Mili’ to serve customers round the clock. This has helped Max Life handle more than 40 lakh service queries on its digital platforms in FY21.
+ basis IRDAI Annual Report FY20-21
* basis IRDAI Annual Report 2016-21
+ Bharose Ka Number is Max Life’s Brand Campaign on the Claims Paid Ratio. Claims Paid Ratio is a ratio of the death claims paid against the number of death claims received in a Financial Year.
