Paid Rs.262cr. to 8,895 claim applications
Outstanding death claims ratio at 0.04%
99.43% claims paid within 10 days
New Delhi, May 08, 2016, Max Life Insurance, one of the leading life insurers in India, today announced a milestone achievement of Claims Paid Ratio of 96.23% in the FY 2015-16 as compared to 96.03% in FY14-15. The Outstanding Claims Ratio stood at 0.04% as on 31st March 2016, which means that only 4 claims were pending of the total 9,244 claims received during the year. This is best ever claim performance of the company and maintains the improving trend. During FY15, Max Life Insurance recorded claims paid ratio of 96.03% which was amongst the high payment ratio in the industry.
In addition, Max Life Insurance paid 3,690 group insurance claims worth Rs. 46.40 crore. The claims paid ratio for group insurance stood at 99.60% in FY16.
Commenting on the achievement, V. Viswanand, Senior Director and Chief Operations Officer, Max Life Insurance, said, "We believe payment of death claim is the biggest moment of truth in life insurance business. I am delighted that Max Life Insurance has been able to further improve its performance on this critical customer service parameter. As a Life Insurance company we truly understand the importance of standing by our customers and responding to their needs at the time of a loss. At Max Life we have made it our priority to keep the claims process simple and hassle-free. Being able to empathize and respond quickly are imperative factors for us. Quick and comprehensive response to our customers if they have any query or concern is another area of focus for us."
The Company is trending well on its promises on claims management to its policyholders. For FY '16, Max Life has paid 99.43% of all death claims within 10 days of receipt of complete documents/ information. Since inception, Max Life Insurance has paid Rs.1,596 crore in death claims to over 65,000 families to provide them financial security in face of eventualities of life.
About Max Life Insurance Co. Ltd. (www.maxlifeinsurance.com)
Max Life Insurance, the leading non-bank promoted private life insurer, is a joint venture between Max Financial Services Ltd. and Mitsui Sumitomo Insurance Co. Ltd. Max Financial Services Ltd. is 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 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 15 years, Max Life Insurance offers superior investment expertise. Max Life Insurance has the vision 'To be the most admired life insurance company by securing the financial future of our customers'. The company has a strong customer-centric approach focused on advice-based sales and quality service delivered through its superior human capital.