Max Life Insurance Co. Ltd. (“Max Life/Company”) announces the implementation of an innovative “Claims Transformation Program,” which leverages advanced technology and analytics to significantly enhance claims processing. This will allow the company to deliver true InstaClaim™ by processing 30% of death claims within 3 hours. The current rate of settling is 60% of death claims within 24 hours*.
Max Life Insurance implements innovative ‘Claims Transformation Program’
Under this Claims Transformation Program, Max Life has implemented automation technologies, Straight-Through Processing, API Integrations, and Optical Character Recognition (OCR). Powered by Artificial Intelligence (AI) and Machine Learning (ML), Max Life has significantly reduced claims settlement turn-around time (TAT), enhanced operational efficiency that has resulted in a record individual death claims paid ratio of 99.65%**, and a Company Net-Promoter Score of 56+ achieved in FY24.
Manu Lavanya, Chief Operating Officer, Max Life said, “At Max Life, our unwavering commitment to customer-centricity drives us to continuously raise the bar in delivering excellence across the entire value chain. Our digitally enabled claims processing powered by advanced tech and data analytics has helped us achieve an all-time high individual death claims paid ratio of 99.65% in FY24. This milestone reflects our relentless focus on setting new standards in claims management and enhancing customer trust.”
This new claims transformation program is the bedrock of this evolved system, which proactively pinpoints high-risk areas, and assesses claim validity. Key features include:
Enhanced Automation: The introduction of Straight-Through Processing (STP) is expected to automate up to 30% of claims, reducing manual intervention and improving operational efficiency.
Fraud Detection: Machine learning algorithms will be employed to analyze patterns and detect potentially fraudulent claims, contributing to cost savings and helping to maintain competitive premiums for policyholders.
Improved Accuracy and Customer Satisfaction: By leveraging advanced analytics, the program seeks to improve claim accuracy and elevate the customer Net Promoter Score (NPS).
The program underscores Max Life’s steadfast focus on customer-centricity and its consistent commitment to delivering value to policyholders. Under the claims transformation program, Max Life aims to reduce the automated workflow turn-around time, underscoring enhanced process digitization delivering greater customer delight.
* – Conditions Apply
** – basis audited financials for FY’24
+ – basis public disclosures FY’24
About Max Life Insurance
Max Life Insurance Company Limited is a Joint Venture between Max Financial Services Limited and Axis Bank Limited. Max Financial Services Ltd. is a part of the Max Group. Max Life offers comprehensive protection and long-term savings life insurance solutions, through its multi-channel distribution including agency and third-party distribution partners. Max Life has built its operations over two decades through a need-based sales process, a customer-centric approach to engagement and service delivery and trained human capital. As per annual audited financials for FY2023-24, Max Life has achieved a gross written premium of INR 29,529 Cr.
For More Information, please visit to www.maxlifeinsurance.com.
