ICICI Prudential Life Insurance’s claim settlement ratio stood at 97.9% during FY2021 and the Company took 1.4 days to settle non-investigated death claims. For the 9 months-ended FY2022, the Company has settled Rs. 982 crore worth of Covid-19 related claims.
The mobile app developed by the Company enables customers to choose the layout of the dashboard for ease of access of top transaction options. The Company offers over 3,00,000 touch-points to make renewal premium payments, covering approximately 95% of the pin-codes in the country. These initiatives have enabled the Company to post a 13thmonth persistency of 84.8% for 9M-FY2022, one of the best in the industry. Innovations and digitalisation of processes has enabled the Company to issue 65 lakh policies in just 3 days. The Company has deployed a multi-lingual, speech recognition and conversational AI tool ‘Humanoid’ for renewal premium reminder calling. Humanoid can make calls to over 50,000 customers in an hour. This solution has yielded good results with over 87% of customers contacted agreeing to pay renewal premiums.
The EVP & Chief of Customer Experience & Operations of ICICI Prudential Life Insurance Mr. Ashish Rao said, ” For FY2021, we had a claims settlement ratio of 97.9% and the average time taken to settle a non-investigated death claim was 1.4 days, which we believe is one of the best in the industry.”
