Max Life Hits Highest Claims Paid Ratio at 99.35% in FY21
Max Life Insurance announced that it has paid 19,922 death claims worth Rs 885.57 crore during 2020-21. It has an all-time high individual death claims paid ratio of 99.35 per cent, which also becomes Max Life’s new ‘bharose ka number’.
The company has deployed predictive analytics-based underwriting models and robust fraud management strengthened by the digitisation of forensic controls. This has enabled Max Life’s claims paid ratio to improve from 97.81 per cent in 2016-17 to 99.35 per cent in 2020-21. Since its inception till March 2021, it has paid Rs 4123.57 crore towards death claims to 1,32,868 policies.
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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%***** |
“This new benchmark is an incredible testament to our belief in upholding customer trust as the cornerstone of our business. 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,” said Prashant Tripathy, MD & CEO, Max Life.
The company has also introduced WhatsApp for customer servicing, integrating an AI-based chatbot - ‘Mili’ to serve customers round the clock.