Max Life Insurance scales new heights with its Claims Paid Ratio at an all-time high of 99.22% in the company’s last five-year performance
Paid 15,342 death claims worth Rs. 563 crore during the financial year 2019 – 20*
New Delhi, 02 June 2020: Max Life Insurance Co. Ltd (“Max Life/ “Company), today announced that it has paid 15,342 death claims amounting to Rs. 563 crore in FY 2019-20, thus achieving an all-time high individual death claims paid ratio of 99.22% in the company’s last five year performance, which also becomes Max Life’s new ‘Bharose Ka Number’ The Company has consistently improved its claims paid ratio in the last 5 years to breach the remarkable 99% mark this financial year, thereby reiterating its commitment towards cementing customer trust.
Since inception, Max Life has paid individual death claims of Rs. 3,238 crore to family members of its 1,12,946 policyholders. In FY 19-20, out of a total 15,463 death claims received, only 120 were rejected and 1 case was pending for closure at the end of the financial year
|Max Life Insurance – Claims Paid Ratio (%)
(Consistent improvement over the last 5 years)
|FY 2015 – 16||FY 2016 – 17||FY 2017 – 18||FY 2018 – 19||FY 2019 – 20|
Commenting on the accomplishment, Mr. Prashant Tripathy, Managing Director & Chief Executive Officer, Max Life said, “At Max Life Insurance, we are committed to financially protecting our customers. Payment of death claim is the biggest moment of truth in a life insurance contract and is the ultimate manifestation of a life insurer’s devotion towards its customers and overall reliability. It gives us immense satisfaction that we were able to take our claims paid ratio to our all-time high of 99.22% for FY 19-20 in comparison with last 5 years, which becomes the new ‘Bharose ka Number’ for our policyholders. Our commitment to our customers has been validated by our consistency in achieving a claims paid ratio of above 98% in each of our immediate last 3 years.
Over the last financial year, we have remained true to our strategy and values and have laid a strong foundation of an agile company with true commitment to our customers. While transforming ourselves for a more competitive, new-age, economic landscape of the future, we’ve prioritized the urgent needs of our customers. Our continued investments in the areas of strengthening underwriting capabilities, technological interventions and an overall robust claims ecosystem will ensure continued progress for our customers and shareholders in the coming years.”
In line with its value of ‘Customer Obsession’, Max life has focused on delivering hassle free customer experiences basis simple and easy claims process with a clear aim to pay all genuine claims with speed and empathy. The Company also introduced innovative trail blazing initiatives like InstaClaim™ where eligible claims are paid within a day from claim intimation subject to certain conditions. Additionally, in the extremely trying times of Covid-19 pandemic enforced lockdown, the Company strengthened its personalized claims services by enabling claimants to intimate claims online or from home via email and WhatsApp. This is in addition to the initiative started about two years ago where a dedicated claims officer is assigned to handhold the nominees throughout the claim settlement process.
*Source: Max Life Annual Audited Financials FY 19-20
** basis IRDAI Annual Report 2015-16
*** basis IRDAI Annual Report 2016-17
**** basis IRDAI Annual Report 2017-18
***** basis IRDAI Annual Report 2018-19
About Max Life Insurance (www.maxlifeinsurance.com)
Max Life Insurance Co. Ltd. (“Max Life”) is a joint venture between Max Financial Services Ltd. and Mitsui Sumitomo Insurance Co. Ltd. Max Financial Services Ltd. is a part of the Max group, an Indian multi business corporation, while Mitsui Sumitomo Insurance is a member of MS&AD Insurance group.
Max Life offers comprehensive protection and long-term savings solutions, through its multichannel distribution including agency and third distribution partners. Max Life has built its operations over almost two decades through need-based sales process, a customer-centric approach to engagement and service delivery, and trained human capital.
As per public disclosures, during the financial year 2019-20, Max Life achieved gross written premium of Rs. 16,184 crore. As on 31st March 2020, the Company had Rs. 68,471 crore of assets under management (AUM) and a Sum Assured in Force of Rs. 913,660 crore.
For more information, please visit the company’s website at www.maxlifeinsurance.com