Claim Settlement Ratio (Q1FY25)

27^thSeptember 2024:ICICI Prudential Life Insurance has declared a claim settlement ratio of 99.35%for Q1-FY2025, the highest amongst all life insurance companies in the country. Notably, the average claim settlement turnaround time was just 1.2 days.Also, during this period the total value of death claims settled by the Company was at Rs. 381.24 crore.

Mr. Amish Banker, Chief Operations Officer, Customer Service, ICICI Prudential Life Insurance said, “Life insurance is a product which ensures the financial security of the family in case of loss of the earning member. Therefore, we process every claim with utmost sensitivity and quickly. For Q1-FY2025 we had an individual death claim settlement ratio of 99.35% and the average time taken to settlement a non-investigative death claim was just 1.2 days. We believe our claim settlement ratio is the best in the best in the industry. For this same period, we settled claims totalling Rs. 381.24 crore.

We have a history of consistently having an industry leading claim settlement ratio. For instance, in Q1-FY2024 it was 97.94%, for Q2-FY2024 it stood at 98.14%, in Q3-FY2024 it was 98.52% and for FY2024 it was 99.17%.

Our ‘Claim For Sure’ service initiative promises to settle all eligible death claims in one day after submission of all required documents. Specifically, under this initiative we settled claims amounting to Rs. 68.74 crore in Q1-FY2025.

Technology solutions implemented have enabled us to significantly reduce claim processing time besides offering convenient touchpoints such as WhatsApp, Mobile app, Website to lodge and track claims.

Life insurance is a promise we make to our policyholders to ensure their families have financial security in their absence.”

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