NEW DELHI: Max Life Insurance, Highest claim settlement ratio Max Life Insurance on Thursday said it has settled individual claims worth over Rs 562 crore in 2019-20, and attained a settlement ratio of 99.22 per cent during the year.
The company has paid off 15,342 claims received in 2019-20, thereby settling Rs 562.54 crore worth of individual claims received in 2019-20, it said in a statement.
Max Life has achieved the highest claim settlement ratio of 99.22 per cent in 2019-20 in comparison with the company’s last five years’ performance, said the insurer.
With consistent investment in fraud detection and its mitigation, Max Life has demonstrated a steady improvement of 226 basis points (bps) in the claims paid ratio over the past five years to 99.22 per cent in 2019-20, from 96.95 per cent in 2015-16.
The company said the numbers are based on the Insurance Regulatory and Development Authority of India’s (Irdai) annual report for 2019-20.
Of the total death claims received during the year, only 120 were rejected and one case was pending for closure at the end of the financial year, Max Life said. It added that the company’s repudiation ratio has fallen to 0.78 per cent at the back of best-in-class digital forensic controls. Repudiation ratio is a measure of the number of claims rejected by an insurance company.
The private sector insurer said it has paid claims of Rs 3,801 crore, against 1,28,288 policies for individual death claims.
“Over the years, we have remained steadfast in our commitment towards our customers by working towards improving our claims paid ratio.
“We are committed to further enhancing our investments in the areas of improved underwriting capabilities, technological interventions and an overall robust claims ecosystem, to ensure that we scale newer heights when it comes to settling claims in a timely and efficient manner,” said Max Life Director and Chief Operations Officer Manu Lavanya.
The insurer said it has digitised its claims management process to ensure that all support documents are accepted online because of the disruption caused by the COVID-19 pandemic.
Customers can submit claims on time through WhatsApp, e-mail or by using self-service options (website, digital bots, and AI-driven interactive voice response), it said.