Bharti AXA Life Insurance achieves a paid claims ratio of 99.05% in fiscal year 2020-21
Bharti AXA Life Insurance, a joint venture between Bharti Enterprises, one of India’s leading business groups, and AXA, one of the world’s largest insurance companies, announced that the company has achieved a loss ratio of 99.05% for individual death claims, during the financial year 2020-21, according to the last audited annual report of IRDAI. The report also indicates that the company has settled 98.55% of the benefit amount. Bharti AXA Life Insurance paid 1875 retail/individual death claims with a gross value of Rs. 106 crores during this period.
The claims settlement rate showcases the insurance company’s track record in handling claims raised by its customers and provides transparency on the insurance company’s performance for new customers. A higher claim settlement rate signifies that the insurance company has been successful in providing committed service to its customers, assuring new customers that their claim will be settled without too much hassle.
Bharti AXA Life Insurance also strengthened its digital service initiatives and launched the Claims Express and m-customer initiative during the year to provide contactless and paperless services and offer additional self-service options, offering a better agility, innovative products and a superior experience to its customers.
Commenting on the achievement, Mr. Parag Raja, Managing Director and Chief Executive Officer of Bharti AXA Life Insurance, said, “This new standard illustrates our commitment to maintaining customer trust as the foundation of Bharti AXA Life Insurance. Our focus on digital has helped customers file their complaints on time, using self-service choices and ensuring a speedy resolution process, completely eliminating the friction and pain of a physical process. These initiatives will also help customers take control of their police-related queries.
In line with its emphasis on customer-centric efforts to support customers during the pandemic, the company has already disbursed Rs 165 crore in gross covid-related claims for the first half of fiscal 2022. It has also stepped up d up a notch with its ‘Grievance Support Program’ which offers emotional counseling by trained professionals to help cope with grief and loss which is activated for all death claims. In addition to emotional counselling, the program also provides support in financial protection planning and a second opinion on the execution of current wills to the beneficiary or applicant. This program underscores Bharti AXA Life’s commitment to keeping customers and their needs first and foremost.
Source: Stock market bulls
Audited annual report