Max Life Insurance's death claim settlement at 99.35% in 2020-21

Max Life Insurance's death claim settlement stood at over 99 per cent in the financial year 2020-21, in which the company paid claims worth over Rs 885 crore.

The company has paid 19,922 death claims worth Rs 885.57 crore during the financial year 2020-21, resulting in an individual death claims paid ratio of 99.35 per cent for the company, Max Life Insurance said in a statement on Wednesday.

Max Life's customer commitment has helped the company consistently improve the claims paid ratio to surpass the 99 per cent benchmark for the past two financial years, the insurer said.

With a focus on digital delivery of services, Max Life said it has deployed predictive analytics-based underwriting models and robust fraud management strengthened by the digitisation of forensic controls.

This has consistently improved Max Life's claims paid ratio over the past five years from 97.81 per cent in FY17 to 99.35 per cent in FY21, making it the company's new 'India Ke Bharose Ka Number'.

Bharose Ka Number is Max Life's brand campaign on the claims paid ratio. It is a ratio of the death claims paid against the number of death claims received in a financial year.

Max Life MD and CEO Prashant Tripathy said, "By prioritising digital-led customer services, we have enabled a hassle-free claims settlement experience that has become more crucial during the pandemic."

He added that at a time when the customers have reached out to support them with quick claim disbursal, "our focus on being 'customer obsessed' has inspired us to enhance our service with an assurance of standing with them at the most critical juncture of the relationship".

The private sector insurer said its WhatsApp for Customer servicing, integrating an AI-based chatbot 'Mili' to serve customers round the clock, has helped handle more than 40 lakh service queries on its digital platforms in FY21.