ICICI Prudential Life Insurance has achieved a notable milestone in the insurance industry, declaring a claim settlement ratio of 99.60% for the period from April 2025 to June 2025. This ratio is the highest in the industry, showcasing the company’s commitment to efficiently processing claims. The average time to settle a non-investigated death claim was a mere 1.1 days, demonstrating the company’s dedication to providing prompt service to its customers.
According to Amish Banker, Chief Operations Officer of ICICI Prudential Life Insurance, the company handles every claim with sensitivity and processes them quickly. The company’s industry-leading claim settlement ratio is a testament to its efforts in leveraging data analytics, artificial intelligence, and machine learning-based technologies to efficiently process claims. During the first quarter of FY2026, the company settled death claims totaling ₹406.89 crore.
One of the key initiatives contributing to the company’s success is its ‘Claim for Sure’ service, which promises to settle all eligible claims within one day after receiving all necessary documents. In the first quarter of FY2026, the company settled claims totaling ₹74.72 crore under this initiative. The company’s digital platforms have also played a significant role in enabling claimants to lodge and track claims seamlessly.
The high claim settlement ratio and quick processing times are a result of the company’s focus on using technology to improve its services. By leveraging data analytics and AI-based technologies, ICICI Prudential Life Insurance has been able to streamline its claims process, reducing the average settlement time and increasing customer satisfaction. The company’s commitment to providing efficient and sensitive claims processing has set a new standard in the industry, and its customers can expect prompt and reliable service in times of need.