ICICI Prudential Life Insurance has emerged as a frontrunner in the insurance sector with its outstanding performance in claim settlement for the fiscal year 2024. The company achieved an exceptional claim settlement ratio of 99.17%, setting a new benchmark for the industry. Notably, the average turnaround time for settling genuine death claims was an astonishingly low 1.27 days, underscoring ICICI Prudential Life’s commitment to prompt and efficient service.
Throughout FY2024, the company maintained remarkable consistency in its claim settlement performance, with ratios of 97.94% in Q1, 98.14% in Q2, and 98.52% in Q3. This unwavering track record reflects ICICI Prudential Life’s dedication to providing reliable financial security to its policyholders’ families.In line with its customer-centric approach, ICICI Prudential Life offers digital touchpoints such as WhatsApp and a mobile app for hassle-free claims lodging and tracking. Additionally, the company provides the convenience of home pick-up for claim-related documents, ensuring a seamless experience for claimants or nominees.
Mr. Amish Banker, Chief Operations Officer of ICICI Prudential Life, emphasized the importance of swift claim settlements, stating, “Life insurance provides financial security to families, and we prioritize the swift settlement of genuine claims.” Under the company’s ‘Claim for Sure’ initiative, eligible death claims are guaranteed to be settled within one day upon receipt of all required documents, demonstrating ICICI Prudential Life’s unwavering commitment to customer satisfaction.In FY2024, the company settled over 4,000 claims in a single day under this initiative, amounting to a total payout of Rs. 1,867 crore in death claims. With a decade-long track record of disbursing Rs. 12,112 crore in death claims, ICICI Prudential Life continues to safeguard the financial well-being of millions of families across the nation.
