ICICI Prudential Life Insurance has announced an impressive claims settlement ratio of 99.60% for the June quarter, with the company settling death claims worth ₹407 crore. This industry-leading ratio demonstrates the company’s commitment to efficiently processing claims and providing timely support to policyholders’ families. The ‘Claim for Sure’ service initiative, which promises to settle eligible claims within one day of receiving all necessary documents, has been particularly successful, with claims worth ₹75 crore settled under this initiative in the first quarter of FY26.
The company’s digital tools have played a significant role in streamlining the claim submission and tracking process. Claimants can now submit and track claims digitally, using the company’s online platform, which includes options for Digital Claim Submission and Real-time claim tracking. This has not only eased the process for claimants but also enabled the company to process claims more efficiently.
According to Amish Banker, Chief Operations Officer at ICICI Prudential Life Insurance, the company’s use of artificial intelligence (AI), machine learning (ML), and data analytics has driven efficiency in claim settlement. These technologies have enabled the company to quickly and accurately process claims, resulting in an average turnaround time of just 1.1 days for non-investigated death claims. The company’s leverage of digital public infrastructure for claim processing and decision-making has also contributed to its impressive claims settlement ratio.
The company’s commitment to handling claims with sensitivity and processing them quickly is reflected in its industry-leading claims settlement ratio. With its digital enablers, AI, ML, and data analytics, ICICI Prudential Life Insurance is setting a new standard for claims settlement in the life insurance industry. As of September 11, 2025, the company’s performance in the June quarter is a testament to its dedication to providing exceptional service to its policyholders and their families.