January 25 2016, 17.50 PM IST || Pocket Press Release
Max Life Insurance sustains its leadership in Claims Management in the Life Insurance industry
* Market leader in outstanding Claims Ratio(0.07%)in FY’15, according to the latest IRDAI Annual Report
* Leads private life insurance space in Claims Payment Ratio at 96.03%
New Delhi / Chennai, January 25, 2016: Max Life Insurance, the leading non-bank promoted private life insurer, is pleased to announce the significant achievement of being the market leader with regard to outstanding claims ratio of just 0.07% as on 31st March 2015, as per the latest IRDAI Annual Report. This means that out of the total 9145 claims received during the year, only 6 claims were pending. For the FY’15-16, the Company has paid a total of Rs.245.46 crore in claims.
Max Life Insurance also leads the private life insurance space in payment percentage at 96.03%. The company reported a repudiation percentage of just 3.90%. According to the IRDAI Annual Report, this is amongst the best performance in claims management in the Indian Life Insurance sector.
Commenting on the achievement, V Viswanand, Senior Director and Chief Operations Officer, Max Life Insurance,said,“We at Max Life understand that as a life insurance company, being able to empathize and respond quickly are imperative factors for us to live up to the Claims Guarantee and Service Promise we made to our customers. I am delighted that Max Life Insurance has been able to prove its customer centricity through such an outstanding claim settlement performance. We stand true to our promise of honest advice and therefore, have been able to consistently improve our performance on these critical customer service parameters.”