Max Life Insurance Company Ltd (Max Life) reached a new milestone in the fiscal year 2022-23, achieving an individual claims paid ratio of 99.51%, according to the Insurance Regulatory and Development Authority of India's (IRDAI) latest Handbook on Indian Insurance Statistics.
This figure represents the highest claims paid ratio Max Life has recorded to date and marks the company's success in maintaining a ratio above 99% for the fourth year in a row.
Throughout the fiscal year, Max Life settled 19,563 death claims, distributing a total of INR 1242 crore.
Max Life uses predictive analytics for more accurate underwriting and stringent fraud management measures to enhance the efficiency of claims processing.
The company said that approximately 75% of claims on policies older than three years were resolved on the same day.
The incorporation of sophisticated technology helps in identifying fraudulent claims, pinpointing areas with higher risks, and evaluating the legitimacy of claims based on policyholder disclosures.
Prashant Tripathy, CEO and managing director at Max Life, emphasised the significance of the company's continual growth in the claims paid ratio, considering it a key indicator of the firm's commitment to prioritising customer needs.
“Max Life has experienced substantial year-on-year growth in its individual claims paid ratio, achieving a noteworthy milestone in its claims journey. Our commitment to customer-centricity is evident in our strategic investments in technological interventions at every touchpoint, including the establishment of a resilient claims ecosystem. We remain dedicated to ongoing efforts to provide financial security to our customers during their times of need,” he said.
Max Life reported an improvement in the claims paid ratio from 98.74% in FY 2018-19 to 99.51% in FY 2022-23.
