Posts 99.23% Claim Settlement Ratio
PUNE: Bajaj Allianz Life Insurance, one of India’s leading private life insurers, has demonstrated its unwavering commitment to policyholders with a Claim Settlement Ratio of 99.23% for the fiscal year 2023-24. This figure underscores the Company’s dedication to providing prompt and reliable support during the toughest times a nominee faces and ensuring all policyholders that the Company will continue to stand by their family and keep their Life Goals on track. The Claim Settlement Ratio is a crucial metric that gives customers a sense of how an insurance company honors its policyholders’ claims.
“To stay true to our promise of Customer First, Bajaj Allianz Life has continuously invested towards enhancing processes and empowering its people. Our moment of truth on these investments is when our policyholder’s family member comes forth for a claim. Our latest Claim Settlement Ratio reflects that we are moving ahead in the right direction. Our focus will remain on further enhancing these experiences, leverage new-age tech and innovations to remain our policyholders’ most trusted Life Goals enabler”, said, Tarun Chugh, MD & CEO, Bajaj Allianz Life.
Bajaj Allianz Life has displayed sustained growth over the years, and while their investments in processes have helped business grow it has also helped the Company settle claims faster. The Company has consistently enhanced its claims settlements through various efforts assistance by experts to family members who can educate and assist them throughout the process, continuous communications with the claimants to keep them updated on the status of their claims, and so on.
Bajaj Allianz Life continues to keep its promise to customers, and it is reflected through a few milestones. For the period FY 2006 to FY2024, Bajaj Allianz Life settled over 2.8 lakh individual claims, amounting to a total payout exceeding INR. 6400 crores. Another key parameter reflecting the strength of a life insurance company is the rating provided by third-party experts. Bajaj Allianz Life has enjoyed a AAA Stable Rating awarded by CARE for four consecutive years now which underlines the Company’s strong performance across various business metrics and strengthens its position as the preferred life goals enabler.
