NEW DELHI, Feb. 29, 2024 /PRNewswire/ – Max Life Insurance Company Ltd. (‘Max Life’ / ‘Company’) has attained its highest-ever individual Claims Paid Ratio of 99.51% during the financial year 2022–23, as reported in the . Max Life has approved 19,563 death claims totaling INR 1242 crore in the fiscal year 2022–23, as highlighted in the company’s latest ‘India Ke Bharose Ka Number’*.
Exceeding the 99% Claims Paid Ratio for the fourth consecutive year, this achievement underscores the growing trust of customers in the brand at a critical stage of the insurance relationship. To streamline claims processing, Max Life has implemented predictive analytics-driven underwriting models with robust fraud management measures. The company’s objective is to expedite claims settlement, with approximately 75% of non-early claims (claims on policies older than three years) being settled on the same day. Max Life utilizes smart systems to detect fraud, pinpoint high-risk regions, and evaluate the likelihood of false claims due to non-disclosure.
Max Life Insurance – Individual Death Claims Paid Ratio (%)
- FY 2018-19
- FY 2019-20
- FY 2020-21
- FY 2021-22
- FY 2022-23
- 98.74%[1]
- 99.22%[2]
- 99.35%[3]
- 99.34%[4]
- 99.51%[5]
Prashant Tripathy, CEO & Managing Director, Max Life expressed, “Max Life has witnessed significant year-on-year growth in its individual claims paid ratio, reaching a remarkable milestone in its claims journey. Our dedication to customer-centricity is apparent in our strategic investments in technological advancements at every interaction point, including the establishment of a resilient claims ecosystem. We are committed to continuous endeavors to offer financial protection to our customers in their times of need.”
The company has also taken proactive steps to offer customers quicker, seamless services and an enhanced customer journey. This has empowered Max Life to cultivate enduring trust, enhance customer contentment, and elevate its Net Promoter Score (NPS). With digital enhancements in claims and underwriting over the past five years, Max Life has consistently enhanced its claims-paid ratio from 98.74% in FY’19 to 99.51% in FY’23.
[1] Based on IRDAI Annual Report 2018-19
[2] Based on IRDAI Annual Report 2019-20
[3] Based on IRDAI Annual Report 2020-21
[4] Based on IRDAI Annual Report 2021-22
[5] Source: IRDAI Handbook on Indian Insurance Statistics 2022-23
*Bharose Ka Number is Max Life’s Brand Campaign on the Claims Paid Ratio. Claims Paid Ratio is a ratio of the death claims paid against the number of death claims received in a Financial Year.
About Max Life Insurance
Max Life Insurance Company Limited is a Joint Venture between Max Financial Services Limited and Axis Bank Limited. Max Financial Services Ltd. is a part of Max Group. Max Life offers comprehensive protection and long-term savings life insurance solutions, through its multi-channel distribution including agency and third-party distribution partners. Max Life has built its operations over two decades through a need-based sales process, a customer-centric approach to engagement and service delivery and trained human capital. As per annual audited financials for FY2022-23, Max Life has achieved a gross written premium of INR 25,342 Cr.
