New Delhi [India], February 26 (ANI/Mediawire): Max Life Insurance Company Ltd, in line with its continued promise of trust to its customers, announced that it has paid off 15,342 claims received in FY 2019-20, thereby settling Rs 562.54 crores worth of individual claims received in FY 2019-20.
The Company has achieved high claims paid ratio of 99.22 per cent - in comparison with the company's last five-year performance.
With consistent investment in fraud detection and mitigation at the issuance stage through robust predictive analytical based underwriting models, Max Life has demonstrated steady improvement of 226 bps in claims paid ratio over the last five years from 96.95 per cent in FY 2015-16 to its current figure of 99.22 per cent in FY 19-20.
During FY 2019-20, out of total death claims received, only 120 were rejected and 1 case was pending for closure at the end of the financial year. The company's repudiation ratio has fallen to 0.78 per cent at the back of best-in-class digital forensic controls.
Since its inception till March 2020, Max Life has paid Rs 3801 crores towards 128,288 policies for individual death claims.
"Over the years, we have remained steadfast in our commitment towards our customers by working towards improving our claims paid ratio - the ultimate moment of truth that defines a life insurer's relationship with its customers. Our consistent performance in achieving 99.22 per cent claims paid ratio in FY 19-20 bears testament to the devotion we have towards our customers. We are committed to further enhancing our investments in the areas of improved underwriting capabilities, technological interventions, and an overall robust claims ecosystem to ensure that we scale newer heights when it comes to settling claims in a timely and efficient manner," said Manu Lavanya, Director and Chief Operations Officer, Max Life, commenting on the accomplishment.
Given the disruption caused by the COVID-19 pandemic, Max Life has digitized its claims management process to ensure that all support documents are accepted online, and customers can submit claims on time through WhatsApp, email or by using self-service options - website, digital bots, and AI-driven interactive voice response.
Max Life Insurance Co. Ltd. ("Max Life") is a joint venture between Max Financial Services Ltd. and Mitsui Sumitomo Insurance Co. Ltd. Max Financial Services Ltd. is a part of the Max group, an Indian multi business corporation, while Mitsui Sumitomo Insurance is a member of MS&AD Insurance group.
Max Life offers comprehensive protection and long-Term savings life insurance solutions, through its multichannel distribution including agency and third distribution partners. Max Life has built its operations over almost two decades through need-based sales process, a customer-centric approach to engagement and service delivery and trained human capital.
As per public disclosures, during the financial year 2019-20, Max Life achieved gross written premium of Rs 16,184 crore. As on 31st March 2020, the Company had Rs 68,471 crore of assets under management (AUM) and a Sum Assured in Force of Rs 913,660 crore.
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