ICICI Prudential Life Insurance reported a claim settlement ratio of 99.31% for Q1-FY2027, the highest among leading life insurance companies 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, while the average value per claim stood at around Rs.15 lakh, which it said was the highest among leading life insurers during the period. The insurer also reported an average settlement turnaround time of one day for non-investigated claims, measured 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 company said digitalisation has enabled customers to lodge and track claims through its mobile app, WhatsApp, chatbot and website. 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 company continues to strengthen its digital processes, so families receive timely support when it matters most.”