Srinagar: ICICI Prudential Life Insurance has reported a claim settlement ratio of 99.31% for the first quarter of FY2027, which the company said was the highest among leading life insurance companies in India based on public disclosures through Form L-39 and L-40.
During the quarter, the company settled individual death claims amounting to ₹414.08 crore. It said the average value per claim was around ₹15 lakh, which it described as the highest among leading life insurers for Q1-FY2027.
The company also reported an average claim settlement turnaround time of one day for non-investigated claims, calculated from the date of receipt of the last required document.
“At ICICI Prudential Life, we are committed to making the claims process simple, seamless and timely for our customers and their families. In Q1-FY2027, our claim settlement ratio was highest in the industry at 99.31% and our average claim settlement turnaround time for non-investigated claims was just 1 day from last document received date. Besides, we settled ₹414.08 crore in death claims,” said Sarang Gokhale, Chief – Underwriting and Retail Claims, ICICI Prudential Life Insurance.
The company said its digitalization initiatives allow claimants to lodge and track claims through its mobile application, WhatsApp, chatbot and website.
Under its ‘Claim for Sure’ initiative, the company said it paid around ₹75 crore within one day for eligible claims during the quarter.
“Our customer-first approach and strong focus towards digitalization empowers us to settle claims quickly and provide timely financial relief when families need it the most,” Gokhale said.
He added that the company would continue to strengthen its digital processes to facilitate timely support for families during the claims process. [KNT]
