As per IRDAI annual report for FY 2017-18 released in January '19, Max Life Insurance has further improved claims paid ratio with individual death claims paid ratio from 97.81% to 98.26% during the fiscal year, thus making it a company that has maintained a strong claims paid ratio consistently for the past 5 years.
In FY 2017-18, the Company received total 10,332 individual death claims and has paid 10,152 individual death claims amounting to Rs. 353 crore, while only 178 death claims were rejected primarily because of medical non-disclosures and only 2 cases were pending due to ongoing evaluation/investigation. Over the years, Max Life Insurance has been able to consistently improve its claims paid ratio due to deployment of predictive analytics based underwriting models and robust fraud management enabled by digitization of forensic controls.
We recognize that claims is the ultimate moment of truth for a life insurance business. We pride ourselves in being the fairest, fastest and friendliest in this dimension of the business. Through our InstaClaim„¢ initiative, our endeavour is to pay eligible death claims up to Rs. 50 Lakhs in only 1 day. Additionally, we assign a dedicated claims officer for every claim, who provides guidance, to help claimants and make claims process easy and simple. In a country which has low protection penetration, high claims paid ratio provides the assurance to life insurance customers that their families will be safe in case of any eventuality and thus encourages them to opt for pure protection products, said Director & Chief Operations Officer, Max Life Insurance, Manik Nangia.
In line with our claims philosophy to settle death claims swiftly, during FY 17-18, against IRDAI guideline of claim settlement within 30 days of receipt of all relevant papers and required clarifications from the claimant, we have settled more than 99% of claims within 10 working days and average settlement TAT was just 6 days.
Also, against the IRDAI guideline of end to end settlement of claim within 120 days of intimation, average end to end settlement TAT was just 15 days for Max Life Insurance. With the launch of InstaClaim„¢ Max Life aims to further enhance customer experience by paying death claim within just 1 day in eligible cases.