ICICI Prudential Life Insurance reported a claim settlement ratio of 99.31% in Q1-FY2027, the highest among leading life insurers in India based on public disclosures through Form L-39 and L-40.
The insurer settled individual death claims worth Rs.414.08 crore during the quarter, while its average claim value stood at around Rs.15 lakh, which the company said was the highest among leading life insurers during the period. For non-investigated claims, the average settlement turnaround time was one day from the date of receipt of the last document.
Mr. Sarang Gokhale, Chief – Underwriting and Retail Claims, ICICI Prudential Life Insurance, said, “At ICICI Prudential Life, we are committed to making the claims process simple, seamless and timely for our customers and their families. In Q1-FY2027, our claim settlement ratio was highest in the industry at 99.31% and our average claim settlement turnaround time for non-investigated claims was just 1 day from last document received date. Besides, we settled Rs.414.08 crore in death claims.”
The company said its digital platforms, including its mobile app, WhatsApp, chatbot and website, enable customers to lodge and track claims. Under its ‘Claim for Sure’ initiative, the insurer paid around Rs.75 crore within one day for eligible claims.
Gokhale added, “Our customer-first approach and strong focus towards digitalisation empowers us to settle claims quickly and provide timely financial relief when families need it the most. We continue to strengthen our digital processes, so families receive timely support when it matters most.”