Max Life Achieves 99.34% Losses Paid Ratio in FY22



NNA |
Updated:
June 14, 2022 2:57 p.m. STI

New Delhi [India] Jun 14 (ANI/NewsView): Max Life Insurance Co Ltd announced that the company paid out 30,830 death claims worth INR 2,009 crore during the 2021-22 financial year, reaching a paid claims ratio of 99.34% during the tumultuous and unpredictable pandemic. Thanks to this, the Company exceeded the coveted target of 99% for the third consecutive year. Over the past five years, Max Life’s paid claims ratio has increased from 98.26% in FY2018 to 99.34% in FY22, making it the new “India Ke Bharose Ka Number”+ from the company.

Prashant Tripathy, MD and CEO of Max Life, said, “Achieving a paid loss ratio of 99.34% in a year that was marred by the second wave of the pandemic reflects our unwavering commitment to deliver on our promise. towards customers. We believe we are in the business of trust, and our new paid claims ratio as “India ke Bharose Ka Number” lives up to our goal of securing lives and protecting the future goals of our clients. »
During the pandemic, Max Life has strengthened its digital service initiatives to provide a contactless and paperless experience. Implemented in FY22, industry-leading technology partnerships helped Max Life automate claims and disbursements, providing customers with faster, frictionless services and a superior customer experience. This has allowed Max Life to demonstrate goodwill to build long-term trust, thereby improving customer satisfaction and improving its Net Promoter Scores (NPS).
Max Life Insurance Company Limited is a joint venture between Max Financial Services Limited and Axis Bank Limited. Max Financial Services Ltd. is part of the Max Group, an Indian multi-business company. Max Life offers comprehensive protection and long-term savings life insurance solutions, through its multi-channel distribution including agencies and third-party distribution partners.
Max Life has built its operations over two decades through a needs-based sales process, a customer-centric approach to engagement and service delivery, and trained human capital. According to public disclosures and annual audited financial statements for FY 21-22, Max Life earned a gross written premium of INR 22,414 crore. As of March 31, 2022, the company had INR 1,07,510 Crore Assets Under Management (AUM) and an In Force Sum Insured of INR 1,174,515 Crore.
For more information, please visit the company’s website at www.maxlifeinsurance.com

Max Life Insurance Company Limited is a joint venture between Max Financial Services Limited and Axis Bank Limited. Head Office: 11th Floor, DLF Square Building, Jacaranda Marg, DLF City Phase II, Gurugram (Haryana) -122 002. You can call us on customer support number 1860 120 5577.
The trade logo displayed belongs respectively to Max Financial Services Ltd. and Axis Bank Ltd. and with their consent, is used by Max Life Insurance Co. Ltd.
1 IRDAI Database Annual Report 2017-18
2 IRDAI Database Annual Report 2018-19
3 IRDAI Database Annual Report 2019-20
4 IRDAI Database Annual Report 2020-21
5 Source: Max Life Annual audited financial reports 21-22
* Bharose Ka number is Max Life’s brand campaign on paid claims ratio. The paid claims ratio is a ratio between the death claims paid and the number of death claims received during a financial year.
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Sallie R. Loera