ICICI Prudential Life Insurance reported a claim settlement ratio of 99.31% in Q1-FY2027, which the company says is the highest among leading life insurers, based on public disclosures (Forms L-39 and L-40).
During the quarter, the insurer settled individual death claims worth ₹414.08 crore, with an average claim value of approximately ₹15 lakh. The company also reported an average turnaround time of one day from receipt of the last document for non-investigated claims.
Mr. Sarang Gokhale, Chief – Underwriting and Retail Claims, ICICI Prudential Life Insurance, said, “At ICICI Prudential Life, we are committed to making the claims process simple, seamless and timely for our customers and their families. In Q1-FY2027, our claim settlement ratio was highest in the industry at 99.31% and our average claim settlement turnaround time for non-investigated claims was just 1 day from last document received date. Besides, we settled ₹414.08 crore in death claims.
Our customer-first approach and strong focus towards digitalisation empowers us to settle claims quickly and provide timely financial relief when families need it the most. The claimants can lodge and track claims easily through our mobile app, WhatsApp, chatbot and website.
Under our ‘Claim for Sure’ initiative, we paid ~₹75 crore within one day for eligible claims. We continue to strengthen our digital processes, so families receive timely support when it matters most.”
The company’s digital claims facilities allow customers to lodge and track claims through its mobile app, WhatsApp, chatbot and website. Under its ‘Claim for Sure’ initiative, approximately ₹75 crore was paid within one day for eligible claims during the quarter.
