ICICI Prudential Life Insurance has announced an impressive claim settlement ratio of 99.35% for the first quarter of FY2025, marking its position as a leader in the life insurance industry in India. During this period, the company settled death claims amounting to ₹381.24 crore, with an average turnaround time of just 1.2 days for non-investigative claims, underscoring its commitment to efficient customer service.
Mr. Amish Banker, Chief Operations Officer of Customer Service, remarked, “Our aim is to provide financial security for families in the absence of an earning member. We process claims with the utmost sensitivity and speed, which is reflected in our industry-leading ratio.” This performance highlights a significant improvement from previous quarters, with the ratio at 97.94% in Q1-FY2024 and 99.17% for FY2024.
The response from policyholders has been overwhelmingly positive, with many citing the quick claims process as a key factor in their choice of insurance provider. Local customers appreciate ICICI Prudential’s ‘Claim For Sure’ initiative, which guarantees settlement of eligible claims within one day, thereby enhancing trust and loyalty in the market.
