Max Life Insurance achieves an all-time high Claims Paid Ratio of 99.35%
Paid 19,922 death claims worth INR 885.57 crores during the Financial Year 2020-21
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. With this, the Company has achieved an all-time high individual death claims paid ratio of 99.35%, which also becomes Max Life’s new ‘Bharose Ka Number ’+.
In line with the Company’s focus on becoming a digital-first insurer, Max Life has deployed predictive analytics-based underwriting models and robust fraud management strengthened by the digitization of forensic controls. This has enabled Max Life’s claims paid ratio to improve from 97.81% in FY’17 to 99.35% in FY’21.
|Max Life Insurance – Individual Death Claims Paid Ratio (%)
(Consistent improvement over the last 5 years)
|FY 2016 – 17||FY 2017 – 18||FY 2018 – 19||FY 2019 – 20||FY 2020 – 21|
Mr. Prashant Tripathy, MD & CEO, Max Life said, “This new benchmark is an incredible testament to our belief in upholding customer trust as the cornerstone of our business. And to achieve that in a year that was affected by the pandemic is truly special. 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.”
Reiterating its commitment to customers, Max Life has steadily and consistently improved its claims paid ratio in the last five years, surpassing the remarkable 99% mark consecutively for the past two financial years. Since its inception till Mar’21, the Company has paid INR 4123.57 crores towards death claims to 1,32,868 policies.
Bringing greater agility, innovation, and customer delight amidst 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, and significantly decrease the turn-around time in servicing performance by up to 50% from 2020.
* basis IRDAI Annual Report 2016-17
** basis IRDAI Annual Report 2017-18
*** basis IRDAI Annual Report 2018-19
**** basis IRDAI Annual Report 2019-20
***** Source: Max Life Annual Audited Financials FY 20-21
+ 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.