The private sector insurer said its claim settlement ratio also touched an all-time high at 99.35 per cent during the year. It represents the ratio of the number of claims paid against the number of claims filed during a particular time frame.
Max Life Insurance has paid 19,922 death claims worth Rs 885.57 crore during the financial year 2020-21. With this, the company has achieved an all-time high individual death claims paid ratio of 99.35, it said in a statement.
"We observed a 33 per cent increase in our overall claims in FY21 due to the COVID-19 pandemic," it said further.
The settlement during the year includes COVID-19 death claims reported in individual policy death claims, it added.
The insurer said it is focussed on becoming a digital-first company and has deployed predictive analytics-based underwriting models and robust fraud management strengthened by the digitisation of forensic controls.
This has enabled Max Life's claims paid ratio to improve from 97.81 per cent in FY17 to 99.35 per cent in FY21, it said.
Max Life MD and CEO Prashant Tripathy said, "Our focus on digital has helped customers submit claims on time using self-service options, and subsequently ensuring a speedy settlement process, entirely removing friction and hassles of a physical process."
The company said it has paid Rs 4,123.57 crore as death claims to 1,32,868 policies since its inception till March 2021.