Max Life achieves Claims Settlement Ratio of 99.34 percent in FY22: IRDAI Annual Report 2021-2022

Max Life Insurance Co. Ltd (“Max Life”/ “Company”), has announced that it disbursed 30,830 death claims worth INR 2,009 crore in the financial year 2021-22, attaining an individual death claims paid ratio of 99.34%. With this, Max Life has surpassed the coveted 99% benchmark for three consecutive financial years.

 

Max Life has deployed predictive analytics-based underwriting models and robust fraud management, strengthened by digitized forensic controls, to ensure a seamless claims settlement process for its customers. With this, over the last five years, Max Life has consistently improved its claims paid ratio from 98.26%1 in FY’18 to 99.34% in FY’22.

 

Mr. Prashant Tripathy, MD & CEO, Max Life said, “The moment of truth for any life insurer comes at the time of ‘claims settlement’ – the most crucial juncture of the insurer-customer relationship. By achieving a claims settlement ratio of 99.34% and surpassing the 99% threshold for the third time in a row, Max Life is committed to fulfilling its promise to its customers. Our claims settlement ratio as the ‘India ke Bharose Ka Number’ lives up to our purpose of ensuring financial security to families when they need it the most.”

 

Over the years, Max Life has strengthened its digital servicing initiatives to ensure quick and hassle-free claims disbursal to its customers. The Company has been proactive in providing customers with swifter, frictionless services and superior customer experience. This has enabled Max Life to build long-term trust, enhance customer satisfaction and improve its Net Promoter Scores (NPS).

 

IRDAI Annual Report 2021 – 22 can be accessed at: 

www.irdai.gov.in/ADMINCMS/cms/frmGeneral_Layout.aspx?page=PageNo4901&flag=1

 

About Max Life Insurance (www.maxlifeinsurance.com) 

Max Life Insurance Company Limited is a Joint Venture between Max Financial Services Limited and Axis Bank Limited. Max Financial Services Ltd., is a part of the Max Group, an Indian multi-business corporation. Max Life offers comprehensive protection and long-term savings life insurance solutions, through its multi-channel distribution including agency and third-party distribution partners.

 

Max Life has built its operations over two decades through a need-based sales process, a customer-centric approach for engagement & service delivery and trained human capital. As per public disclosures and annual audited financials for FY21-22, Max Life has achieved a gross written premium of INR 22,414 crore.

 

For more information, please visit the Company’s website at www.maxlifeinsurance.com. 

 

+ Basis IRDAI Annual Report 2021-22

1 Basis IRDAI Annual Report 2017-18

* 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.