ICICI Prudential Life Insurance has maintained a strong claim settlement ratio for the third quarter of fiscal 2024, with a 98.6% record for the first nine months of FY2024. This consistent ratio provides peace of mind for policyholders, as it ensures their family’s financial well-being in case of the policyholder’s untimely death.
The claim settlement ratio in Q1-FY2024 was 98.10%, Q2-FY2024 was 98.14%, and Q3-FY2024 was 98.52%. The average claim settlement turnaround time for non-investigated claims was only 1.3 days for the nine months that ended December 2023 after the submission of all relevant documents.
ICICI Prudential Life also offers a ‘Claim For Sure’ service, which settles eligible death claims in one day after receiving all documents. If a claim is delayed, the company compensates the beneficiary with interest accrued on the claim amount. The company also offers home pick-up of claim-related documents and uses digital touchpoints to improve customer experience. For the first nine months of this fiscal year, ICICI Prudential Life settled 3,070 claims under ‘Claim For Sure’, amounting to Rs 214.70 crore.
