Claim settlements time shift from 48 to 12 hours
Settlement Ratio to go beyond 95% in FY 20-21
Mumbai, NFAPost: In order to reduce the misery in the pandemic times, Shriram Life Insurance is rapidly shifting its 48h settlement of non-early claims to 12 hours of document submission.
The bulk of all non-early claims received are already being settled within 12 to 48 hour time windows across the length and breadth of the country.
Over the last few years, Shriram Life has been steadily improving its settlement ratio from 64% in FY 16-17 to 91.6%+ in FY 19-20 and is now set to go beyond 95%+ in FY 20-21.
Commenting on the company initiative, Shriram Life Insurance MD and CEO Casparus Kromhout said Shriram Life has a strong purpose to be of service to a segment that needs insurance the most.
“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% of all non-early claims received are settled within 12 or 48 hours,” said Casparus Kromhout.
Shriram Life has always been a supporting pillar to those segments in the society that are vulnerable to financial catastrophe on the death of a bread winner.
The company has been focused on both the rural and urban mass market segment. Around 45% of the business are from the rural locations within the heartlands of India.
Consequently, the company has the lowest average ticket size for individual regular policies amongst all private players at approximately Rs.17, 000.
“Our commitment to work with the financially poor segment has led to the development of innovative service processes. This has enabled us to provide timely service even in the remotest of regions, as in crucial services like death claim settlement,” Casparus Kromhout added.
Shriram Life will continue to work in this direction to serve its customers and their families, upholding them and stepping together to a brighter future ahead, he further said.
Casparus Kromhout said the company has also made advancements in the adoption and use of technology to be able to reach and serve its customers more effectively irrespective of geographical constraints. “During the Covid–19 lockdown period the company was able to provide 24X7 digital assistance to all its customers,” he said.
Shriram Life Insurance Company (SLIC) is the Insurance arm of the Shriram Group, one of the most respected Groups in India with a predominant presence in financial services.
The Group has been promoting Financial Inclusion of low income families and small businesses. Shriram Life Insurance commenced operations in 2006.
SLIC is a Joint Venture between Sanlam and Shriram Group. Shriram Life Insurance’s aim is to offer life insurance plans and solutions that cater to a wider demographic. It has a network of 588 branch offices across India.