ICICI Prudential Life Insurance, a leading player in the insurance sector, has maintained its stellar performance in claim settlement ratios for the third quarter of fiscal 2024. With a remarkable 98.6% claims settlement ratio, the company has once again demonstrated its commitment to ensuring financial security for its policyholders’ families in times of need.Life insurance plays a crucial role in safeguarding the financial future of loved ones in the event of an untimely demise. Understanding the importance of this, ICICI Prudential Life Insurance has consistently focused on providing prompt and hassle-free claim settlements.
The company’s track record speaks for itself, with a consistent claim settlement ratio throughout the fiscal year. Notably, in Q1 FY2024, the ratio stood at 98.10%, increasing to 98.14% in Q2, and reaching 98.52% in Q3. Moreover, ICICI Prudential Life Insurance has set a benchmark in efficiency, with an average claim settlement turnaround time of only 1.3 days for non-investigated claims.One of the standout initiatives of ICICI Prudential Life Insurance is its ‘Claim For Sure’ service, ensuring that all eligible death claims are settled within one day upon receiving all necessary documents. In cases of any delays, the company compensates the beneficiary with accrued interest on the claim amount.
With a focus on customer-centricity, ICICI Prudential Life Insurance offers various digital touchpoints such as WhatsApp, Mobile App, and Website for easy claim lodgment and tracking, along with home pick-up services for claim-related documents.In the first nine months of FY2024, ICICI Prudential Life Insurance settled 3,070 claims under the ‘Claim For Sure’ initiative, amounting to Rs 214.70 crore. The majority of claims are electronically settled, ensuring immediate access to claim proceeds for beneficiaries.
