Max Life achieves 99.51% Claims Paid Ratio in FY23; Surpasses 99% for the fourth consecutive year
NEW DELHI, Feb. 29, 2024 /PRNewswire/ — Max Life Insurance Company Ltd. (‘Max Life’ / ‘Company’) has achieved its highest-ever individual Claims Paid Ratio of 99.51% in the financial year 2022–23, as per the Insurance Regulatory and Development Authority of India’s (IRDAI) Handbook on Indian Insurance Statistics 2022-23. Max Life has disbursed 19,563 death claims amounting to INR 1242 crore in the financial year 2022–23, reflected in the company’s new ‘India Ke Bharose Ka Number’*.
Surpassing the 99% Claims Paid Ratio for the fourth consecutive year, this progress underlines the ever-increasing customer trust for the brand at the most crucial juncture of the insurance relationship. To ensure superior claims processing, Max Life has been deploying predictive analytics-based underwriting models with robust fraud management controls. Max Life aims to process claims as rapidly as possible, with around 75% of non-early claims (claims made on policies older than three years) paid on the same day. Max Life uses intelligent systems to detect fraud, identify high-risk geographies, and assess the probability of false claims based on non-disclosure.
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Max Life Insurance – Individual Death Claims Paid Ratio (%) |
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FY 2018-19 |
FY 2019-20 |
FY 2020-21 |
FY 2021-22 |
FY 2022-23 |
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98.74%[1] |
99.22%[2] |
99.35%[3] |
99.34%[4] |
99.51%[5] |
Prashant Tripathy, CEO & Managing Director, Max Life said, “Max Life has experienced substantial year-on-year growth in its individual claims paid ratio, achieving a noteworthy milestone in its claims journey. Our commitment to customer-centricity is evident in our strategic investments in technological interventions at every touchpoint, including the establishment of a resilient claims ecosystem. We remain dedicated to ongoing efforts to provide financial security to our customers during their times of need.”
The company has also been proactive in providing customers with swifter, frictionless services and a superior customer experience. This has enabled Max Life to build long-term trust, enhance customer satisfaction, and improve its Net Promoter Score (NPS). With 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.
[1] Basis IRDAI Annual Report 2018-19
[2] Basis IRDAI Annual Report 2019-20
[3] Basis IRDAI Annual Report 2020-21
[4] Basis IRDAI Annual Report 2021-22
[5] Source: IRDAI Handbook on Indian Insurance Statistics 2022-23
*Bharose Ka Number is Max Life’s Brand Campaign on the Claims Paid Ratio. Claims Paid Ratio is a ratio of the death claims paid against the number of death claims received in a Financial Year.
About Max Life Insurance
Max Life Insurance Company Limited is a Joint Venture between Max Financial Services Limited and Axis Bank Limited. Max Financial Services Ltd. is a part of Max Group. Max Life offers comprehensive protection and long-term savings life insurance solutions, through its multi-channel distribution including agency and third-party distribution partners. Max Life has built its operations over two decades through a need-based sales process, a customer-centric approach to engagement and service delivery and trained human capital. As per annual audited financials for FY2022-23, Max Life has achieved a gross written premium of INR 25,342 Cr.
For more information, please visit the Company’s website at www.maxlifeinsurance.com
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