Paid Rs.251.17cr. to 9,108 claim applications
Outstanding death claims ratio at 0.07%
99.98%% Customer complaint resolved within 14 days
New Delhi, June 22, 2015: Max Life Insurance, one of the leading life insurers in India, today announced a milestone achievement of Claims Settlement Ratio of 97.23% in the FY 2014-15 as compared to 93.86% in FY13-14. The Outstanding Claims Ratio stood at 0.07% as on 31st March 2015, which means that only 6 claims were pending of the total 9,108claims received during the year.
This is amongst the best performance in claims management in the Indian Life Insurance sector. The Company’s customer complaints incidence rate stands at 0.19 per thousand as on March 2015 and ~99.98%of the customer complaints are resolved within the specified time of 14 days.
Commenting on the achievement, V. Viswanand, Senior Director and Chief Operations Officer, Max Life Insurance, said, “I am delighted that Max Life Insurance has been able to further improve its performance on some the critical customer service parameters. We have kept our promises made through our Claims Guarantee and Service Promise initiatives. As a Life Insurance company we truly understand the importance of standing by our customers and responding to their needs at the time of a loss.
At Max Life we have made it our priority to keep the claims process simple and hassle-free. Being able to empathize and respond quickly are imperative factors for us to be able to live up to the Claims Guarantee we made to our customers. Quick and comprehensive response to our customers if they have any query or concern is another area of focus for us.”
The Company is trending well on its promises of claims guarantee to its policyholders. For FY ’15, Max Life has paid 99.88% of all death claims within 10 days of receipt of complete documents/ information. Max Life Insurance offers Claims Guarantee to all its policyholders. As part of the Guarantee, the Company has committed to pay all claims within 10 working days of the receipt of all the death claim documents/clarifications from the nominee against 30 days permissible by the regulations. If the Company is unable to fulfil its above commitment, it will pay interest at the rate of 6% per annum. It also commits payment of all death claims having completed three continuous years from the date of issuance
Additionally, Max Life Insurance commits to pay fund value in case of death claims under the Unit Linked life insurance policies within 48 hours of the intimation by the nominee. To make the claims process hassle-free, the Company also assigns a dedicated Claims Relationship Officer for each death claim case.
The Company also makes an advance payment of maturity/ living benefits – One month in advance for guaranteed maturity benefit products and within 72 hours from the maturity date for ULIPs.
Max Life Insurance, one of the leading life insurers, is a joint venture between Max India Ltd. and Mitsui Sumitomo Insurance Co. Ltd. Max India Ltd. is a leading Indian multi-business corporate, while Mitsui Sumitomo Insurance is a member of MS&AD Insurance Group, which is amongst the top general insurers in the world. Max Life Insurance offers comprehensive life insurance and retirement solutions for long-term savings and protection. A financially stable company with sound investment expertise, Max Life Insurance has a strong customer-centric approach focused on advice-based sales and quality service.