- Surpasses 99% threshold for the fourth consecutive year
- Max Life is committed to deliver value at the most critical juncture of insurer-customer relationship
NEW DELHI, May 31, 2023 /PRNewswire/ -- Max Life Insurance Company Ltd. ("Max Life" / "Company") has announced its highest-ever individual Claims Paid Ratio of 99.51% in FY'23. Underlining the ever-increasing customer trust at the most crucial juncture of the insurance relationship, Max Life has surpassed the 99% Claims Paid Ratio for the fourth consecutive year. With a deep-rooted commitment to customer-centricity, Max Life continues to deliver on its promise to financially protect its customers at the 'moment of truth', reflecting in its new 'India Ke Bharose Ka Number'+.
Max Life has deployed predictive analytics-based underwriting models with robust fraud management controls that helped the Company with fast and superior claims management. The Company has also been proactive in providing customers with swifter, frictionless services and superior customer experience. This has enabled Max Life to build long-term trust, enhance customer satisfaction and improve its Net Promoter Scores (NPS). 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 Insurance - Individual Death Claims Paid Ratio (%)
|
FY 2018-19
| FY 2019-20
| FY 2020-21
| FY 2021-22
| FY 2022-23
|
98.74%1
| 99.22%2
| 99.35%3
| 99.34%4
| 99.51%5
|
Prashant Tripathy, MD & CEO, Max Life said, "We have continued our efforts to drive efficiencies in our most complex processes and digitally enable our operations, including claims and underwriting. This progress is reflected in our superior claims paid ratio this year, which has been amongst the industry's best over the last five years. 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."
Max Life ranked amongst the top two best-performing companies on Net Promoter Scores in an industry benchmarking study (Insurance CuES 2023) by Hansa research+ and was recognized as one of the Best BFSI Brands by Economic Times in 2022.
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
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: Max Life Annual Audited Financials FY 22-23
*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.
+ Basis a syndicated study by Hansa Research
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