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Shriram Life Insurance on Thursday said it has introduced a 12-hour claim settlement process for non-early claims. Non-early claims are those that are filed after three years of a policy being issued.
Casparus Kromhout, MD & CEO, Shriram Life Insurance said, “Our team is focused on ensuring that timely help is extended on claim intimation and wherever possible, the claims are settled within a time period of 12 hours. At present over 54 per cent of all non-early claims received are settled within 12 or 48 hours.” Shriram Life has been focused on both the rural and urban mass market segment. Around 45 per cent of the business is from rural areas.
Consequently, the company has the lowest average ticket size for individual regular policies amongst all private players at approximately Rs 17,000, it said.
The insurer has been steadily improving its settlement ratio from 64 per cent in 2016-17 to over 91.6 per cent in 2019-20, and is now set to go beyond 95 per cent in 2020-21, the statement said.
The bulk of all non-early claims received are already being settled within 12 to 48 -hour time windows across the country.