ICICI Prudential Life Insurance achieves 99.04% claim settlement ratio in Q2-FY2025, sets new benchmark

ICICI Prudential Life Insurance has announced a record claim settlement ratio of 99.04% for the period from July to September 2024, the highest in the industry. Additionally, the company reported an exceptional average claim settlement time of just 1.2 days for death claims, reflecting its dedication to swift and reliable customer service.

Amish Banker, Chief Operations Officer of ICICI Prudential Life Insurance, emphasized the company’s commitment to sensitivity and efficiency in claim handling, stating, “Claims are the ultimate moment of truth, and we handle every claim with utmost sensitivity.” In Q2-FY2025, ICICI Prudential Life Insurance successfully settled death claims worth over Rs. 451 crore, including Rs. 71.24 crore under its “Claim for Sure” initiative, which guarantees settlement of eligible claims within one day after the submission of all required documents.

The insurer’s strong performance follows a consistent trend, with a claim settlement ratio of 97.94% in Q1-FY2024 and 99.17% for FY2024. In Agartala, ICICI Prudential’s prompt and efficient claim settlement process has gained significant traction. Local customers have expressed satisfaction with the company’s quick service, making ICICI Prudential a preferred choice for life insurance in the region, further expanding its market footprint.