Max Life Insurance Company Ltd. achieved its highest-ever individual Claims Paid Ratio of 99.51% in FY’23. This marks the fourth consecutive year that Max Life has surpassed the 99% Claims Paid Ratio, demonstrating the strong trust and customer-centric approach of the company. Max Life’s investment in predictive analytics-based underwriting models and robust fraud management controls has enabled efficient claims management. The company also focuses on delivering swift and frictionless services, leading to improved customer satisfaction and Net Promoter Scores (NPS). Max Life’s continuous efforts have resulted in a steady increase in its claims-paid ratio, from 98.74% in FY’19 to an impressive 99.51% in FY’23.
Max Life MD & CEO Prashant Tripathy said, “We have continued our efforts to drive efficiencies in our most complex processes and digitally enable our operations, including claims and underwriting. This progress is reflected in our superior claims paid ratio this year, which has been amongst the industry’s best over the last five years. We believe that our claims paid ratio is a reflection of fulfilling the trust that our customers place in us, and we will continue to raise the bar higher.”
Max Life ranked amongst the top two best-performing companies on Net Promoter Scores in an industry benchmarking study (Insurance CuES 2023) by Hansa research.