Max Life Insurance Co. Ltd. (“Company”), one of the leading life insurance companies in India, has launched InstaClaim™, an initiative that endeavours to pay death claims in just 1 day for policies up to Rs. 50 Lakhs where all minimum mandatory documents are received. Death claims shall be eligible for InstaClaim™ provided the policy duration is more than 3 continuous years and it does not warrant any further verification.
As per IRDAI annual report for FY 2017-18 released in January ’19, Max Life Insurance has further improved claims paid ratio with individual death claims paid ratio from 97.81% to 98.26% during the fiscal year, thus making it a company that has maintained a strong claims paid ratio consistently for the past 5 years. In FY 2017-18, the Company received total 10,332 individual death claims and has paid 10,152 individual death claims amounting to Rs. 353 crore, while only 178 death claims were rejected primarily because of medical non-disclosures and only 2 cases were pending due to ongoing evaluation/investigation. Over the years, Max Life Insurance has been able to consistently improve its claims paid ratio due to deployment of predictive analytics based underwriting models and robust fraud management enabled by digitization of forensic controls.
|
As per IRDAI Annual Report |
FY14 |
FY15 |
FY16 |
FY17 |
FY18 |
|
Max Life Claims Paid Ratio (%) |
93.86 |
96.03 |
96.95 |
97.81 |
98.26 |
Commenting on the launch, Mr. Manik Nangia, Director & Chief Operations Officer, Max Life Insurance said, “We recognize that “claims” is the ultimate moment of truth for a life insurance business. We pride ourselves in being the fairest, fastest and friendliest in this dimension of the business. Through our InstaClaim™ initiative, our endeavour is to pay eligible death claims up to Rs. 50 Lakhs in only 1 day. Additionally, we assign a dedicated claims officer for every claim, who provides guidance, to help claimants and make claims process easy and simple. In a country which has low protection penetration, high claims paid ratio provides the assurance to life insurance customers that their families will be safe in case of any eventuality and thus encourages them to opt for pure protection products.”
In line with our claims philosophy to settle death claims swiftly, during FY 17-18, against IRDAI guideline of claim settlement within 30 days of receipt of all relevant papers and required clarifications from the claimant, we have settled more than 99% of claims within 10 working days and average settlement TAT was just 6 days. Also, against the IRDAI guideline of end to end settlement of claim within 120 days of intimation, average end to end settlement TAT was just 15 days for Max Life Insurance. With the launch of InstaClaim™ Max Life aims to further enhance customer experience by paying death claim within just 1 day in eligible cases.
About Max Life Insurance Co. Ltd. (www.maxlifeinsurance.com)
Max Life Insurance, one of the leading life insurers in India, 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, which is a leading Indian multi-business corporation, while Mitsui Sumitomo Insurance is a member of MS&AD Insurance group, which is amongst the leading insurers in the world. Max Life Insurance has a vision to be the most admired life insurance company by securing the financial future of its customers. Max Life Insurance offers comprehensive long-term savings, protection and retirement solutions through its high-quality agency distribution and multi-channel distribution partners. A financially stable company with a strong track record over the last 18 years, Max Life Insurance offers superior investment expertise. The company has a strong customer-centric approach focused on need-based sales and quality service delivered through its superior human capital.
During the financial year 2017-18, Max Life Insurance achieved gross written premium of Rs. 12,501 crore and had sum assured in force of Rs. 5,11,541 Crore. As on 31st March 2018, the Company had Rs. 52,237 crore of assets under management (AUM) and a share capital including reserves and surplus of Rs. 2,689 crore. The Company has more than 32 lakh customers serviced by its 10,226 employees and 54,791 agent advisors through 210 offices across the country.
