THEBUSINESSBYTES BUREAU

MUMBAI, SEPTEMBER 29, 2026

ICICI Prudential Life Insurance reported a claim settlement ratio of 99.31 per cent for the first quarter (Q1) of 2026-27 (FY27), the highest among leading life insurers based on public disclosures, underscoring its focus on faster and technology-enabled claims processing.

The insurer settled individual death claims worth ₹414.08 crore during the quarter, with the average value per claim at around ₹15 lakh, which the company said was the highest among leading life insurers for Q1-FY27.

Sarang Gokhale, Chief — Underwriting and Retail Claims, ICICI Prudential Life Insurance, said the company remained focused on making the claims process simple, seamless and timely for customers and their families.

"Our claim settlement ratio was highest in the industry at 99.31 per cent and our average claim settlement turnaround time for non-investigated claims was just 1 day from last document received date," Gokhale said.

The company said its digital platforms enable claimants to lodge and track claims through its mobile application, WhatsApp, chatbot and website, thereby reducing paperwork and facilitating faster processing.

Under its 'Claim for Sure' initiative, the insurer paid around ₹75 crore within one day for eligible claims during the quarter.

The company said its continued investments in digital processes are aimed at providing timely financial support to families at the time of a claim.

ICICI Prudential Life commenced operations in FY2001 and has remained among the leading life insurers in India in terms of sum assured and new business premium market share.

The company offers products across protection and savings segments, catering to customers' financial needs across different stages of life. Its digital platform provides paperless policy purchase, self-service transactions, digital payment facilities and online claims services.

As of June 30, 2026, the company had assets under management of ₹3.34 lakh crore and total in-force sum assured of ₹48.06 lakh crore.

The insurer is listed on both the National Stock Exchange and the BSE, making it the first insurance company in India to be listed on both exchanges.