ICICI Prudential Life Insurance has declared a claim settlement ratio of 99.04%, the highest in the industry, for the period from July 2024 to September 2024. Importantly, the average time to settle a death claim was just 1.2 days.
Mr. Amish Banker, Chief Operations Officer, ICICI Prudential Life Insurance, said, “In Q2-FY2025, we had a claim settlement ratio of 99.04%, while our average claim settlement turnaround time for non-investigated claims from last document received date was just 1.2 days. Besides, we settled death claims totalling over Rs. 451 crore in the same period.
Under our “Claim for Sure” initiative, we promise to settle eligible claims in one day after all documents are submitted. We have settled death claims amounting to Rs. 71.24 crore in Q2-FY2025 under this initiative. We have consistently had an industry-leading claim settlement ratios; in Q1-FY2024 it was 97.94%, in Q2-FY2024 it stood at 98.14%, in Q3-FY2024 it was 98.52%, and for FY2024 it was 99.17%”.
