ICICI Prudential Life Insurance Co Ltd:
Credit: Facebook/ICICIPruLife
Mumbai: In what is an industry-leading claim settlement ratio, the ICICI Prudential Life Insurance has declared a ratio of 99.60% for Q1-FY2026.
In a press statement, Amish Banker, Chief Operations Officer, ICICI Prudential Life Insurance said: “Claims are where promises meet reality. At ICICI Prudential Life, every claim is handled with utmost sensitivity and processed quickly. This is reflected in our industry-leading claims settlement ratio of 99.60% in Q1-FY2026. The company settled death claims totalling Rs 406.89 crore in Q1-FY2026."
According to him, leveraging data analytics along with AI and ML based technologies is enabling the insurer to quickly and efficiently process claims.
Under the ‘Claim for Sure’ service initiative, the company promises to settle all eligible claims within one day after receiving all documents. In Q1-FY2026, the Company has settled claims totaling Rs 74.72 crore under this initiative.
The company’s digital enablers are helping claimants to lodge and track claims seamlessly which includes options for Digital Claim Submission and Realtime claim tracking.
The company also leverages digital public infrastructure for the purpose of claim processing and decision making which has helped settle non-investigated death claims with an average turnaround time of 1.1 days from the time the last document was received, the statement added.