Max Life Insurance's death claim settlement jumps 33% to Rs 885 crore in FY21
Max Life Insurance said its claim settlement ratio also touched an all-time high at 99.35% during the year
New Delhi: Max Life Insurance on Tuesday reported a 33% jump in death claim settlements to over Rs 885 crore for the financial year 2020-21.
The private sector insurer said its claim settlement ratio also touched an all-time high at 99.35% during the year. It represents the ratio of the number of claims paid against the number of claims filed during a particular time frame.
Max Life Insurance has paid 19,922 death claims worth Rs 885.57 crore during the financial year 2020-21. With this, the company has achieved an all-time high individual death claims paid ratio of 99.35, it said in a statement.
“We observed a 33% increase in our overall claims in FY21 due to the Covid-19 pandemic,” it said further. The settlement during the year includes Covid-19 death claims reported in individual policy death claims, it added.
The insurer said it is focussed on becoming a digital-first company and has deployed predictive analytics-based underwriting models and robust fraud management strengthened by the digitisation of forensic controls.
This has enabled Max Life’s claims paid ratio to improve from 97.81% in FY17 to 99.35% in FY21, it said.
Max Life MD and CEO Prashant Tripathy said, “Our focus on digital has helped customers submit claims on time using self-service options, and subsequently ensuring a speedy settlement process, entirely removing friction and hassles of a physical process.” The company said it has paid Rs 4,123.57 crore as death claims to 1,32,868 policies since its inception till March 2021.