ICICI Prudential Life Insurance has achieved an impressive 99.04% claim settlement ratio for the period from July to September 2024, the highest in the industry. The insurer also reported a remarkable average claim settlement time of just 1.2 days for death claims, underscoring its commitment to customer service and operational efficiency.
Amish Banker, Chief Operations Officer of ICICI Prudential Life Insurance, highlighted the company’s sensitivity in handling claims, stating, “Claims are the ultimate moment of truth, and we handle every claim with utmost sensitivity.” In Q2-FY2025, the company settled death claims worth over Rs. 451 crore. Additionally, the “Claim for Sure” initiative, which promises to settle eligible claims within one day after document submission, successfully processed Rs. 71.24 crore in death claims during the same period.
This achievement builds on ICICI Prudential’s consistent strong performance, with claim settlement ratios of 97.94% in Q1-FY2024, 98.14% in Q2-FY2024, and 99.17% for FY2024. In Aizawl, the insurer’s swift claim settlement process has been particularly well-received, with local customers praising the ease of processing claims. The market’s growing preference for quick and reliable services has made ICICI Prudential a trusted choice for life insurance.
