1. Claim settlement ratio is published every year
For FY 2015-16, our claims settlement ratio was 96.2% and this is published in IRDAI's Annual Report. This ratio is based on volume of claims settled and is one of the best in the industry. For FY 2015-16, the total value of claims settled i.e. the benefit amount paid to the claimants is `405.63 Crore.
2. Claim settlement ratio must be consistent
|Claims Settlement Ratio||96.87%||96.2%||93.8%||94.10%||96.29%||96.53%||94.61%||90.17%|
3. Claims process must be simple
4. Claim process must be quick
During the current financial year:
We have settled 95.69% of claims received within 30 days of intimation~
Our average turn around time for settling a claim is 3.05 days**
68% of claims have been settled within 3 days**
Check out some of the feedback we received from claimants:
I made a claim with you on 22nd March 2017 and was highly impressed when it was processed almost in full on 23rd March 2017 itself!
For the first time ever, an insurance company has been able to impress me enough & not find a single reason to complain - No repeat visits, no running around, no this/that mismatch, no useless delays, no wastage of time, no useless questions etc. - Just NOTHING except true professionalism!
Well done! - Keep up the brilliant work!!
I think it is the fastest Claim Settlement seen ever and I dont have any words to say except THANK YOU.
My experience through the claim settlement process has been the ultimate service one can get.
Delivered with highest priority care and sensitivity.
I express my gratitude and sincere thanks for the quick settlement of Death Claim under ICICI Pru policy - of my daughter Ms. Latha Ganesan. The entire process was handled quite smoothly by ICICI Pru staff at CMH Road, Indira Nagar, Bangalore, first by explaining the papers required which were duly submitted. Thereupon, further processing was also handled in a professional manner by seeking necessary clarifications and finally accepting the claim. This has helped in settling the account with ICICI Bank for the Housing Loan taken by my daughter.
Thanks to the entire ICICI Pru team.
5. Claims paying ability rating should be good
As a measure of good governance as well as independent certification of financial strength, our Company has subscribed to ICRA Limited’s surveillance on Claims Paying Ability rating. This rating measures an insurance company’s ability to meet policyholder obligations. Our Company has been rated iAAA since 2009 when it initiated the surveillance with ICRA Limited.
|Rating Agency||Instrument||Rating||Rating Date|
|ICRA||Claims paying ability||iAAA||MAR-17|
|ICRA||Claims paying ability||iAAA||MAR-16|
|ICRA||Claims paying ability||iAAA||MAR-15|
|ICRA||Claims paying ability||iAAA||MAR-14|
|ICRA||Claims paying ability||iAAA||MAR-13|
|ICRA||Claims paying ability||iAAA||MAR-12|
|ICRA||Claims paying ability||iAAA||MAR-11|
|Note: Ratings for ICICI Prudential Life insurance are subject to regular revisions. Kindly refer to the respective agencies for rating methodology.|
*The claims settlement ratio is computed as follows: Individual death claims settled (10,539) ÷ Total claims for the year (10,880) × 100. i.e. 96.87%
**The average TAT is calculated from the last document received to payment disbursal date for non-investigated claims.
~The percentage of claims settled within 30 days is computed as follows: Number of individual claims settled within 30 days (10,059) ÷ Total number of Individual claims settled (10,539) × 100