New Delhi: Max Life Insurance Co. Ltd ( Max Life / Company ), today announced that it has paid 19,922 death claims worth INR 885.57 crore during the Financial Year 2020-21, resulting in an individual death claims paid ratio of 99.35% for the Company. Max Life’s customer commitment has helped the Company consistently improve the claims paid ratio to surpass the 99% benchmark for the past two financial years.
In the pursuit of becoming a digital-focused life insurer, Max Life has deployed predictive analytics-based underwriting models and robust fraud management strengthened by the digitization of forensic controls. This has consistently improved Max Life’s claims paid ratio over the last five years from 97.81% in FY’17 to 99.35% in FY’21, making it the company’s new India Ke Bharose Ka Number’+.
Max Life Insurance – Individual Death Claims Paid Ratio (%)*
(Consistent improvement over the last 5 years)
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FY 2016 – 17- 97.81%
FY 2017 – 18- 98.26%
FY 2018 – 19- 98.74%
FY 2019 – 20- 99.22%
FY 2020 – 21-99.35%
Mr. Prashant Tripathy, MD & CEO, Max Life said, At Max Life, we are proud of accomplishing the milestone of 99.35% claims paid ratio in FY20-21. By prioritizing digital-led customer services, we have enabled a hassle-free claims settlement experience that has become more crucial during the pandemic. At a time when the customers have reached out to support them with quick claim disbursal, our focus on being ‘Customer Obsessed’ has inspired us to enhance our service with an assurance of standing with them at the most critical juncture of the relationship.
By understanding the customer’s requirements during the pandemic, Max Life has strengthened digital servicing initiatives to deliver contactless, paperless services and enable more self-serve options. The Company has also introduced WhatsApp for customer servicing, integrating an AI-based chatbot – Mili’ to serve customers round the clock. This has helped Max Life handle more than 40 lakh service queries on its digital platforms in FY21.
+ basis IRDAI Annual Report FY20-21
* basis IRDAI Annual Report 2016-21
+ 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 the Max Group, an Indian multi-business corporation.
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 almost two decades through a need-based sales process, a customer-centric approach to engagement and service delivery, and trained human capital.
As per public disclosures and annual audited financials for FY20-21, Max Life has achieved a gross written premium of INR 19,018 crore. As of 31st March 2021, the Company had INR 90,407 crore of assets under management (AUM) and a Sum Assured in Force of INR 1,087,987 crore.