ICICI Prudential Life Insurance reported a claim settlement ratio of 99.31% for the first quarter of FY2027, placing the company at the top among leading life insurers in India based on public disclosures through Form L-39 and L-40.
The insurer settled individual death claims worth Rs.414.08 crore during the quarter. The company said its average value per claim stood at around Rs.15 lakh, which it described as the highest among leading life insurers for Q1-FY2027.
Mr. Sarang Gokhale, Chief – Underwriting and Retail Claims, ICICI Prudential Life Insurance, said the company remained focused on making the claims process simple, seamless and timely for customers and their families.
“At ICICI Prudential Life, we are committed to making the claims process simple, seamless and timely for our customers and their families. In Q1-FY2027, our claim settlement ratio was highest in the industry at 99.31% and our average claim settlement turnaround time for non-investigated claims was just 1 day from last document received date. Besides, we settled Rs.414.08 crore in death claims,” Gokhale said.
He added that the company’s customer-first approach and focus on digitalisation had helped accelerate claim settlements and provide timely financial support to families. Customers can lodge and track claims through the company’s mobile application, WhatsApp, chatbot and website.
Under its ‘Claim for Sure’ initiative, ICICI Prudential Life said it paid around Rs.75 crore within one day towards eligible claims during the quarter.
“We continue to strengthen our digital processes, so families receive timely support when it matters most,” Gokhale said.
