ICICI Prudential Life insurance shines in Q2 FY2025 with a claim settlement ratio of 99.04%, outperforming other insurers – Check the standings in our exclusive report.

ICICI Prudential Life Insurance has reported a claim settlement ratio of 99.04% for the July-September quarter of FY2025, the highest among all life insurance companies in the country. The average claim settlement turnaround time was just 1.2 days, with a total value of death claims settled of Rs 451.05 crore. The company’s “Claim for Sure” initiative aims to settle eligible claims in one day after all documents are submitted. ICICI Prudential’s claim settlement ratio has consistently been industry-leading, with ratios of 97.94% in Q1-FY2024, 98.14% in Q2-FY2024, 98.52% in Q3-FY2024, and 99.17% for FY2024. The company’s use of technology, including a mobile app, WhatsApp, Chatbot, and website, has enabled quick claim settlements, easing financial distress for policyholders. A high claim settlement ratio is important from the customer’s perspective as it indicates an insurer’s ability to pay claims, ensuring that policyholders’ loved ones are financially protected in case of unforeseen events.