Max Life Insurance Co. Ltd, one of the leading life insurance companies in India, announced that the company has paid 10,152 individual death claims amounting to Rs. 353 crores, thus achieving claims paid ratio of 98.26% in FY 17-18. This is a further increase over FY 16-17, when the company paid 97.81% of the total individual death claims received. In FY 17-18, only 178 death claims were rejected and at the end of the financial year only 2 cases were pending for closure.
As per IRDAI annual report for FY 2016-17 released in Jan’18, Max Life Insurance has superior individual death claims paid ratio during the said fiscal year, thus making it a company that has maintained a strong claims paid ratio consistently for the past 4 years i.e. from FY 14-15 to FY 17-18.
Talking about the achievement, Viswanand, Senior Director and COO, Max Life Insurancesaid, “In line with Max Life Insurance’s vision, mission and values we have aimed at our claims philosophy to be the “fairest, fastest and friendliest” as an important pillar of TCF – Treat Customer Fairly. Through a dedicated claims officer, we also provide guidance to help claimants through hassle-free claims process. In a country which has low protection penetration, high claims paid ratio provides the assurance to life insurance customers that their families will be safe in case of any eventuality and thus encourages them to opt for pure protection products”.
Over the years, Max Life Insurance has consistently improved its claims paid ratio without compromising on its efficient underwriting controls and robust fraud management. This has been made possible using both analytical and technology interventions. The Company has introduced predictive analytical models, robust checks at the time of policy solicitation in high-risk geographies and geo-tag enabled field or video verifications of customers through its Risk Management Unit.
