ANI PR Wire
12 Jan 2023, 23:30 GMT+10
New Delhi [India], January 12 (ANI/NewsVoir): Max Life Insurance Co Ltd has announced that it disbursed 30,830 death claims worth INR 2,009 crore in the financial year 2021-22, attaining an individual death claims paid ratio of 99.34 per cent. With this, Max Life has surpassed the coveted 99 per cent benchmark for three consecutive financial years.
Max Life has deployed predictive analytics-based underwriting models and robust fraud management, strengthened by digitized forensic controls, to ensure a seamless claims settlement process for its customers. With this, over the last five years, Max Life has consistently improved its claims paid ratio from 98.26 per cent 1 in FY'18 to 99.34 per cent in FY'22.
Prashant Tripathy, MD & CEO, Max Life said, "The moment of truth for any life insurer comes at the time of 'claims settlement' - the most crucial juncture of the insurer-customer relationship. By achieving a claims settlement ratio of 99.34 per cent and surpassing the 99 per cent threshold for the third time in a row, Max Life is committed to fulfilling its promise to its customers. Our claims settlement ratio as the 'India ke Bharose Ka Number' lives up to our purpose of ensuring financial security to families when they need it the most."
Over the years, Max Life has strengthened its digital servicing initiatives to ensure quick and hassle-free claims disbursal to its customers. The Company has been proactive in providing customers with swifter, frictionless services and superior customer experience. This has enabled Max Life to build long-term trust, enhance customer satisfaction and improve its Net Promoter Scores (NPS).
IRDAI Annual Report 2021 - 22 can be accessed at:
www.irdai.gov.in/ADMINCMS/cms/frmGeneral_Layout.aspx?page=PageNo4901&flag=1
Max Life Insurance Company Limited is a Joint Venture between Max Financial Services Limited and Axis Bank Limited. Max Financial Services Ltd., is a part of the Max Group, an Indian multi-business corporation. Max Life offers comprehensive protection and long-term savings life insurance solutions, through its multi-channel distribution including agency and third-party distribution partners.
Max Life has built its operations over two decades through a need-based sales process, a customer-centric approach for engagement & service delivery and trained human capital. As per public disclosures and annual audited financials for FY21-22, Max Life has achieved a gross written premium of INR 22,414 crore.
For more information, please visit the Company's website at www.maxlifeinsurance.com.
+ Basis IRDAI Annual Report 2021-22
1 Basis IRDAI Annual Report 2017-18
* Bharose Ka Number is Max Life's Brand Campaign on the Claims Paid Ratio. Claims Paid Ratio is a ratio of the death claims paid against the number of death claims received in a Financial Year.
This story has been provided by NewsVoir. ANI will not be responsible in any way for the content of this article. (ANI/NewsVoir)
Get a daily dose of South East Asia Post news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to South East Asia Post.
More InformationTOKYO, Japan: Japanese Prime minister Fumio Kishida said this week that it was "now or never" for Japan, one of ...
WASHINGTON D.C.: As part of its efforts to simplify the national COVID-19 vaccine strategy, the US Food and Drug Administration ...
WASHINGTON D.C.: US authorities said this week that a surge in Cubans and Nicaraguans arriving at the US border with ...
OTTAWA, Canada: Canadian Prime Minister Justin Trudeau's Liberal government plans to implement its long-awaited workforce transition bill, the "Just Transition," ...
TOKYO, Japan: The Yomiuri newspaper has reported that Japanese Prime Minister Fumio Kishida is planning to visit Kyiv in February ...
HONOLULU, Hawaii: The casket bearing Abigail Kinoiki Kekaulike Kawananakoa, long considered the last Hawaiian princess, has gone on public viewing ...
BANGKOK, Thailand: Following China's reopening and the end of its strict COVID-19 restrictions, businesses on Thailand's holiday island of Phuket ...
NEW YORK, New York - Recession fears faded on Wall Street Thursday as annualized 4th quarter GDP (gross domestic product) ...
WASHINGTON D.C.: In December 2022, US existing home sales declined to a 12-year low, but lower mortgage rates raised cautious ...
SEOUL, South Korea: Korea Customs Service data released this week showed that South Korean exports for the first 20 days ...
SEATTLE, Washington: Amazon.com's cloud services division, Amazon Web Services (AWS), has announced that it will expand its data centers in ...
NEW YORK, New York - U.S. stocks crumbled on Wednesday as the extended rally on Wall Street came to an ...