Bajaj Allianz Life settles 98% of claims in June qtr

Bajaj Allianz Life Insurance today said it has settled 98.45 per cent of the claims during the June quarter of the fiscal and paid out over Rs 151 crore to the beneficiaries.
Of the total 29,900 notified claims received during the three-month period, 29,437 (constituting 98.45 pc) were settled, the private life insurer said.
The company paid claims to the tune of Rs 151.33 crore during the period, individual and group put together, as against Rs 170.52 crore in the corresponding quarter last year, it said in a statement here.
The company achieved the average turnaround time of just 11 days from the date of notification, as against 16 days last year. About 97.06 per cent of all claim proceeds were settled through electronic mode, it said.

The claim notification process was digitized. Besides, a customer-centric approach was taken to engage customers directly through personal calls during the settlement process and physical collection of relevant documents by company representatives, the company said.
"Timely claim settlement is the most important aspect of customer service in our relationship with a customer. In the unlikely event that a claim settlement is delayed beyond 30 days, we pay a 10.5 per cent interest for every day's delay," Bajaj Allianz Life Insurance Managing Director and Chief Executive Anuj Agarwal said.
"We settle all claims directly, via electronic transfer, so claim money reaches where it is needed faster. While we continue to improve our claims settlement processes, customers, too, should be aware of all conditions and requirements," he added.