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

ICICI Prudential Life Insurance has announced a remarkable claim settlement ratio of 99.04% for the period of July to September 2024, setting a new benchmark in the industry. The insurer also reported an impressive average claim settlement turnaround time of just 1.2 days for death claims, highlighting its commitment to customer satisfaction and efficiency.

Amish Banker, Chief Operations Officer at ICICI Prudential Life Insurance, emphasized the company’s focus on handling claims with utmost sensitivity. “Claims are the ultimate moment of truth, and we ensure every claim is processed with care,” said Banker. During Q2-FY2025, the company settled death claims amounting to over Rs. 451 crore. Under its “Claim for Sure” initiative, ICICI Prudential promises to settle eligible claims within one day after the submission of all required documents, with Rs. 71.24 crore in death claims settled under this initiative.

The insurer’s consistent performance is reflected in its industry-leading claim settlement ratios over the past quarters, including 97.94% in Q1-FY2024 and 99.17% for FY2024. In Aizawl, customers have expressed appreciation for the insurer’s prompt services, with many noting the ease and efficiency in settling claims, a crucial factor in the city’s growing preference for reliable life insurance providers.