Edelweiss Life records its highest-ever Claim Settlement Ratio of 99.23% in FY24
August 28, 2024: Underscoring its focus on customer centricity, Edelweiss Life Insurance has reported a Claim Settlement Ratio of 99.23% for the financial year 2023-24, the highest ever in company’s 13-year history.
Sumit Rai, MD & CEO, Edelweiss Life Insurance said, “Claim Settlement Ratio is an important marker of customer centricity; it is our ultimate moment of truth. It denotes whether the company will stand with your loved ones in their hour of need. We are extremely proud of this milestone, and it is proof that we are 100% customer obsessed.”
Through the years, the life insurer has been focused on improving the back-end processes including underwriting and advisory to enhance its Claim Settlement Ratio. It has brought down the overall TAT for claim settlement, and arrested incidences of bad claims through a meticulous fraud prevention process.
By driving a risk-conscious culture among its salesforce through Certified Risk Assessor (CRA) program, the life insurer has created pseudo-underwriters among its frontline staff to improve quality of customer acquisition. This includes identifying risk at sourcing or post issuance stage. The company has also brought down incidences of bad claims by leveraging AI & ML-powered fraud prevention model.
“A bad claim is of significant concern to not only the insurer but also a genuine customer because they ultimately bear the financial burden of such activities. So, fraud prevention has been a focus area for us; we have leveraged automation and several other initiatives to identify and arrest such cases. In FY24, we saved nearly Rs. 143 crore through fraud prevention at sourcing and claims stages. We believe these are necessary steps towards offering the best customer experience – be it offering best solutions in the market or post-sale service – to our policyholders,” Rai said.
The life insurer remains steadfast in its commitment to improve on its customer experience, especially at critical stages like claim settlement.
