ICICI Prudential Life Insurance has demonstrated exceptional prowess in the insurance sector, achieving a stellar claim settlement ratio of 99.17% for the fiscal year 2024. This remarkable feat solidifies the company’s position as a leader in the industry, setting a new gold standard for claim settlement efficiency.One of the most impressive aspects of ICICI Prudential Life’s performance is its swift turnaround time for settling genuine death claims, averaging just 1.27 days. This rapid response underscores the company’s unwavering commitment to providing timely and reliable financial assistance to policyholders’ families during their most challenging times.
Throughout FY2024, the company maintained a consistent track record of high claim settlement ratios, with figures of 97.94% in Q1, 98.14% in Q2, and 98.52% in Q3. This sustained excellence reflects ICICI Prudential Life’s dedication to upholding its promises to policyholders. In line with its customer-centric approach, ICICI Prudential Life leverages digital platforms such as WhatsApp and its mobile app to facilitate hassle-free claims processing and tracking. Moreover, the company offers the convenience of home pick-up for claim-related documents, ensuring a seamless experience for claimants or nominees.
Mr. Amish Banker, Chief Operations Officer of ICICI Prudential Life, emphasized the company’s commitment to swift and transparent claim settlements, stating, “Life insurance is about providing peace of mind and financial security to families. We prioritize the prompt settlement of genuine claims to uphold this promise.” Under its ‘Claim for Sure’ initiative, ICICI Prudential Life guarantees to settle all eligible death claims within one day upon receipt of all necessary documents. In FY2024, the company successfully processed over 4,000 claims in a single day under this initiative, totaling a payout of Rs. 1,867 crore in death claims. Over the past decade, ICICI Prudential Life has disbursed an impressive Rs. 12,112 crore in death claims, safeguarding the financial stability of countless families nationwide.