ICICI Prudential Life Insurance logged a claim settlement ratio of 99.04% for the July-September quarter of FY2025, the highest amongst all life insurance companies in the country, according to an official statement.
“Importantly, the average claim settlement turnaround time was just 1.2 days. Also, during this period the total value of death claims settled by the company was at Rs 451.05 crore,” ICICI Prudential Life Insurance claimed in the statement.
On achieving this claim settlement ration numbers, Amish Banker, Chief Operations Officer, ICICI Prudential Life Insurance, said that “claims is the ultimate moment of truth, and we handle every claim with utmost sensitivity”.
In Q2 FY2025, the company had a claim settlement ratio of 99.04% and the average claim settlement turnaround time for non-investigated claims from the last document received date was just 1.2 days. “Besides, we settled death claims totalling over Rs 451 crore in the same period.”
“Under our ‘Claim for Sure’ initiative, we promise to settle eligible claims in one-day after all documents are submitted. We have settled death claims amounting to Rs 71.24 crore in Q2-FY2025 under this initiative. We have consistently had industry leading claim settlement ratios – in Q1-FY2024 it was 97.94%, in Q2-FY2024 it stood at 98.14%, in Q3-FY2024 it was 98.52% and for FY2024 it was 99.17%,” says Banker.
Technology solutions implemented have enabled the Company to quickly settle claims, which aids in easing the financial distress caused to the family due to the demise of the earning member of the family. Claimants can use our digital enablers such as the Mobile app, WhatsApp, Chatbot and Website to easily lodge and track claims.
| Companies | Claim Settlement Ratio | ||
| FY2024 | Q1FY2025 | Q2FY2025 | |
| ICICI Pru Life | 99.17% | 99.35% | 99.04% |
| Bajaj Life | 99.23% | 90.49% | 96.88% |
| TATA AIA Life | 99.13% | 96.52% | 96.86% |
| HDFC Life | 99.50% | 97.24% | 96.85% |
| SBI Life | 99.25% | 96.04% | 96.08% |
| Max Life | 99.65% | 94.01% | 91.98% |
| LIC | 98.15% | 95.31% | 93.69% |
Why is claim settlement ratio so important from the customer’s perspective?
The claim settlement ratio works as an indicator suggesting the insurer’s ability to pay to the nominee of the policyholder. The whole objective behind buying an insurance policy is to protect your loved ones financially in case of unforeseen events. But suppose if the insurer doesn’t honor the claim, the purpose of being insured gets defeated.