Surpasses 99% benchmark third year in a row
New Delhi, June 8, 2022: Max Life Insurance Co. Ltd (“Max Life”/ “Company”), has announced that the Company has disbursed 30,830 death claims worth INR 2,009 crore in the financial year 2021-22, achieving a Claims Paid Ratio of 99.34% during the tumultuous and unpredictable pandemic. With this, the Company has surpassed the coveted 99% benchmark for the third year in a row. Over the last five years, Max Life’s claims paid ratio has seen a rise from 98.26% in FY’18 to 99.34% in FY’22, making it the Company’s new ‘India Ke Bharose Ka Number’+.
| Max Life Insurance – Individual Death Claims Paid Ratio (%)
|
|
FY 2017-18
|
FY 2018-19 |
FY 2019-20 |
FY 2020-21 |
FY 2021-22 |
|
98.26%1
|
98.74%2 |
99.22%3 |
99.35% 4 |
99.34%5 |
Mr. Prashant Tripathy, MD & CEO, Max Life said, “To accomplish a 99.34% claims paid ratio in a year that was marred by the second wave of the pandemic reflects our unwavering commitment to fulfil our promise to the customers. We believe that we are in the business of trust, and our new claims paid ratio as the ‘India ke Bharose Ka Number’ lives up to our purpose of securing lives and protecting the future goals of our customers.”
During the pandemic, Max Life strengthened its digital servicing initiatives to deliver contactless, paperless experience. Implemented in FY22, cutting-edge technology partnerships have helped Max Life automate claims and disbursals that have provided customers with swifter, frictionless services and superior customer experience. This has enabled Max Life to deliver goodwill to build long-term trust, in turn, enhancing customer satisfaction and improving its Net Promoter Scores (NPS).
