4th Oct 2024 New Delhi, Delhi, India Max Life Insurance Co. Ltd. (“Max Life/Company”) announces the implementation of an innovative “Claims Transformation Program,” which leverages advanced technology and analytics to enhance claims processing significantly. This will allow the company to deliver true InstaClaim™ by processing 30% of death claims within 3 hours. The current settling rate is 60% of death claims within 24 hours*.
Under this Claims Transformation Program, Max Life has implemented automation technologies, such as 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.