ICICI Prudential Life sets industry benchmark; 99.17% claim settlement ratio in FY2024 with just 1.27 days turnaround

ICICI Prudential Life has once again raised the bar for industry standards with its stellar performance in claim settlement for the fiscal year 2024. With an outstanding claim settlement ratio of 99.17%, the company has reaffirmed its commitment to providing unparalleled financial security to its policyholders’ families. In a remarkable display of efficiency, ICICI Prudential Life has managed to settle genuine death claims in just 1.27 days on average. This swift turnaround time underscores the company’s dedication to easing the financial burden on bereaved families during challenging times.

Throughout the fiscal year, the company maintained exceptional consistency in claim settlement, with ratios of 97.94% in Q1, 98.14% in Q2, and 98.52% in Q3. This unwavering performance underscores ICICI Prudential Life’s reliability and trustworthiness in fulfilling its obligations to policyholders.The company’s commitment to customer convenience is further exemplified by its utilization of digital touchpoints such as WhatsApp and its mobile app for hassle-free claims lodgment and tracking. Additionally, ICICI Prudential Life offers the convenience of home pick-up for claim-related documents, ensuring a seamless experience for claimants or nominees.

Mr. Amish Banker, Chief Operations Officer of ICICI Prudential Life, emphasized the significance of timely claim settlements, stating, “Life insurance provides financial security to families, and we prioritize the swift settlement of genuine claims.” Under the company’s ‘Claim for Sure’ initiative, eligible death claims are promised to be settled within one day upon receiving all required documents, a testament to ICICI Prudential Life’s unwavering commitment to customer satisfaction. In FY2024 alone, the company settled over 4,000 claims in a single day under this initiative, amounting to a total payout of Rs. 1,867 crore in death claims. Over the past decade, ICICI Prudential Life has disbursed a staggering Rs. 12,112 crore in death claims, safeguarding the financial well-being of millions of families across the nation.