Money & Banking

Technology helps ICICI Pru settle death claims in one day

Our Bureau Mumbai | Updated on February 17, 2020



Technology solutions have helped private sector ICICI Prudential Life Insurance settle death claims in one day. Called ‘Claim for Sure’, it is available for policies that have been active for three years, those that do not require any investigation, and where the total claim amount does not exceed ₹1.5 crore.

“Claimants are required to submit all mandatory documents to avail this fast track claim settlement process,” it said in a release on Monday.

Since its launch in July last year, the insurer has received nearly 65 per cent of death claims under the facility, of which, 99.4 per cent have been settled in one day.

“Technology solutions implemented have enabled us to simplify and process death claims on a fast track basis. Customers can take comfort in knowing that their families will now have virtually immediate access to the claim proceeds and continue with their lives,” said Puneet Nanda, Deputy Managing Director, ICICI Prudential Life Insurance.

Between April and December this fiscal, the average turnaround time (TAT) to settle a death claim stood at 1.67 days. For 2018-19, the company had a claim settlement ratio of 98.6 per cent, and the total value of death claims settled stood at ₹826.66 crore with an average TAT of 2.34 days.

Published on February 17, 2020

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