ICICI Prudential Life Insurance Sets Industry Benchmark with 99.35% Claim Settlement Ratio in Q1-FY2025

ICICI Prudential Life Insurance has achieved a stellar claim settlement ratio of 99.35% for Q1-FY2025, leading the life insurance sector in India. The company reported that it settled death claims totaling ₹381.24 crore during this period, with an average turnaround time of just 1.2 days for non-investigative claims, showcasing its commitment to customer service.

Mr. Amish Banker, Chief Operations Officer, Customer Service, stated, “Life insurance ensures financial security for families in the absence of an earning member. We process claims with sensitivity and speed, and our ratio reflects our dedication to our policyholders.” The company’s performance is a significant improvement compared to previous quarters, with Q1-FY2024 at 97.94% and FY2024 achieving a ratio of 99.17%.

In Agartala, policyholders have reacted positively to the efficient claim processing. Local agents report a growing trust in ICICI Prudential, citing the quick turnaround times as a vital factor in customers’ decisions to choose their policies. With initiatives like ‘Claim For Sure,’ which promises to settle eligible claims within a day, the company is solidifying its presence in the northeastern insurance market.