ICICI Prudential Life Insurance is strengthening its digital claims ecosystem as the insurer reported a 99.31% claim settlement ratio for Q1-FY2027, the highest among leading life insurers in India based on public disclosures through Form L-39 and L-40.
The company settled individual death claims worth Rs.414.08 crore during the quarter, with the average value per claim at around Rs.15 lakh, which it said was the highest among leading life insurers for the period. The average turnaround time for non-investigated claims was one day from the date of receipt of the last document.
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 Rs.414.08 crore in death claims.”
The insurer said its digital platforms, including its mobile application, WhatsApp, chatbot and website, enable customers to lodge and track claims. Under its ‘Claim for Sure’ initiative, around Rs.75 crore was paid within one day for eligible claims.
Gokhale said, “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. We continue to strengthen our digital processes, so families receive timely support when it matters most.”
