New Delhi: Max Life Insurance on Tuesday reported a 33 per cent jump in death claim settlements to over Rs 885 crore for the financial year 2020-21.
The private sector insurer said its claim settlement ratio also touched an all-time high at 99.35 per cent during the year. It represents the ratio of the number of claims paid against the number of claims filed during a particular time frame.
Max Life Insurance has paid 19,922 death claims worth Rs 885.57 crore during the financial year 2020-21. With this, the company has achieved an all-time high individual death claims paid ratio of 99.35, it said in a statement.
“We observed a 33 per cent increase in our overall claims in FY21 due to the COVID-19 pandemic,” it said further.
The settlement during the year includes COVID-19 death claims reported in individual policy death claims, it added.
The insurer said it is focussed on becoming a digital-first company and has deployed predictive analytics-based underwriting models and robust fraud management strengthened by the digitisation of forensic controls.