ICICI Prudential Life Insurance has announced a claim settlement ratio of 99.60% for the first quarter of the financial year 2026-27. According to Amish Banker, Chief Operations Officer, the company handles claims with utmost sensitivity and processes them quickly. In the first quarter, the company settled death claims totaling ₹406.89 crore. The use of data analytics, AI, and ML-based technologies has enabled the company to efficiently process claims.
The company’s ‘Claim for Sure’ service initiative promises to settle all eligible claims within one day of receiving all necessary documents. In the first quarter, ₹74.72 crore worth of claims were settled under this initiative. ICICI Prudential Life Insurance has also leveraged digital public infrastructure for claim processing and decision-making, resulting in an average turnaround time of 1.1 days for non-investigated death claims from the time the last document was received.
The company’s high claim settlement ratio and quick processing times demonstrate its commitment to fulfilling its promises to customers. The use of technology and digital infrastructure has played a key role in enabling the company to achieve these results. By settling claims quickly and efficiently, ICICI Prudential Life Insurance aims to provide a positive experience for its customers during a difficult time.
The claim settlement ratio of 99.60% is a significant achievement, indicating that the company has settled nearly all of the claims it received in the first quarter. This ratio is a key metric for life insurance companies, as it reflects their ability to fulfill their obligations to customers. ICICI Prudential Life Insurance’s high claim settlement ratio and emphasis on quick processing times are likely to enhance customer trust and confidence in the company.
Overall, ICICI Prudential Life Insurance’s announcement highlights its commitment to providing a high level of service to its customers. By leveraging technology and digital infrastructure, the company is able to efficiently process claims and provide a positive experience for its customers. The company’s high claim settlement ratio and quick processing times are likely to reinforce its position as a leading life insurance provider in the industry.