Max Life Insurance Company Ltd. has announced its highest-ever individual Claims Paid Ratio of 99.51% in FY’23, highlighting customer trust at the most crucial juncture of the insurance relationship. It is committed to customer-centricity, Max Life continues to deliver on its promise to financially protect its customer and reflects in its new ‘India Ke Bharose Ka Number’+.
Max Life has deployed predictive analytics-based underwriting models and fraud management controls to improve claims management and customer experience. This has enabled them to build long-term trust, enhance customer satisfaction, and improve their Net Promoter Scores. With such digital investments in claims and underwriting over the last five years, Max Life has consistently improved its claims-paid ratio from 98.74% in FY’19 to 99.51% in FY’23.
Max Life was named one of the Best BFSI Brands by Economic Times in 2022 and placed in the top two best-performing firms on Net Promoter Scores in an industry benchmarking research (Insurance CuES 2023) by Hansa Research.Prashant Tripathy, MD & CEO, Max Life said, “We believe that our claims paid ratio is a reflection of fulfilling the trust that our customers place in us, and we will continue to raise the bar higher.”
