Max Life achieves its highest-ever Claims Paid Ratio of 99.65% in FY24
City Air News
Jun 6, 2024 06:38
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New Delhi, June 6, 2024: Max Life Insurance Co. Ltd., today announced the settlement of 19,569 individual death claims worth INR 1254.39 crore during the Financial Year 2023-24. With this, the Company has achieved an all-time high individual death claims paid ratio of 99.65%. Over the last five years, Max Life’s claims paid ratio has seen a rise from 99.22% in FY20 to 99.65% in FY24, making it the Company’s new ‘India Ke Bharose Ka Number’.
Since inception, Max Life Insurance has paid INR 8,679 crore towards death claims on 202,830 policies. Committed to process claims as rapidly as possible, Max Life settles around 48% per cent of non-early claims (claims made on policies older than three years) on the same day. Max Life uses intelligent systems to detect fraud, identify high-risk geographies, and assess the probability of false claims based on non-disclosure. This has enabled Max Life’s claims paid ratio to improve from 99.51% in FY23 to 99.65% in FY24.
Prashant Tripathy, CEO and Managing Director, Max Life, “At Max Life, customer obsession is at the heart of everything we do, driving us to deliver supreme value and trust to our customers every day. For us, our highest-ever claims paid ratio is more than just a statistic; it's a testament to our unwavering dedication to putting customers first. Achieved through advanced digitization and intelligent systems, we proactively combat fraud, pinpoint high-risk areas, and accurately assess claim validity. This holistic approach ensures we are not just there for our customers in their time of need, but are also empowering them with reliability and security every step of the way."
