Gurgaon, June 11 (ANI/Business Wire India): Max New York Life Insurance today announced a milestone achievement of 99.84 per cent settlement of claims.
At the close of fiscal 2007-08 (on March 31, 2008), Max New York Life had only 0.16 per cent outstanding claims, among the best records in claims management for Indian and worldwide life insurers.
In absolute numbers, this means that as on March 31, 2008, Max New York Life was left with just five outstanding claims.
Max New York Life also achieved average claims settlement turnaround time of four days, a significant claims management milestone in India's life insurance sector.
-- 0.16 outstanding claims
-- Only five outstanding claims in the year 2007-08
-- Average claim settlement turnaround time of four days
-- Simplified and reduces documentation for claims
Commenting on the achievement, Max New York Life Insurance, Managing Director and CEO, Gary Bennett said: "Life insurance is, in the ultimate analysis, a business of meeting claims. As the life insurance sector matures, the number of claims necessarily increases. As such, Max New York Life Insurance has prioritized setting up effective claims settlement processes, making these simple, quick and hassle-free. This is especially important because claimants dealing with the loss of someone loved, who need our reassurance and support, not the pressures of complicated paper-work."
Among the initiatives that Max New York Life undertook to make the claims settlement process the best, was to simplify and reduce the documentation for claims. Not only were claims documentation introduced in various regional languages, it was also reduced by as much as 70 per cent.
"With a Claims Mission to be the "Fastest, Fairest and Friendliest" in settling claims", says Sr. Vice President - Customer Operations and Service Delivery, Sanjeev Mago, "we undertook intensive training of Claims Assessors to approach claims with "Intent to Pay the Claim" and making decisions as the documents are being received rather than waiting for all documents to be received."
The training also involved displaying utmost sensitivity in communication with claimants, being fair to genuine claimants and reporting all fraudulent claims.
Six Sigma projects were also undertaken to improve turnaround time. Not surprisingly, international reinsurer Swiss Re has recognized the claims management system of Max New York Life Insurance as one of the best in the industry.
Robust follow-up and tracking mechanisms have been set in place as also Controls and Risk mitigation measures to exceed policyholders' expectations.
Max New York Life Insurance is committed to be the best in its claims management process, which will go a long way towards its Vision to be 'The Most Admired Life Insurance Company in India'.
About Max New York Life Insurance Co .Ltd (www.maxnewyorklife.com)
Max New York Life is a joint venture between Max India Limited, one of India's leading multi-business corporate and New York life, a Fortune 100 company. Max New York Life Insurance, incorporated in 2000, is one of India's leading private life insurance companies.
The company offers both individual and group life insurance solutions. It has established a wide distribution network across India. Through its wide network of highly competent life insurance agent advisors and flexible product solutions, Max New York life Insurance is creating a partnership for life with its customers in India.