Max Life Insurance, a private life insurer based in India, has launched its new claims system, InstaClaim, which allows policyholders’ claims to be approved within one day after the submission of necessary documents. InstaClaim will be available to registered beneficiaries on all eligible policies that have been active for three years and above. Claims must be worth below INR2.5 million (US$36,700) and must not warrant field verification. “This initiative will ensure that the loved ones of our policy holders get a quick, simple and hassle free claims service in one day during the time of their utmost need,” Rajesh Sud, executive vice-chairman and managing director, Max Life Insurance, told . “Through this initiative, we endeavor to communicate claim approval decision to the nominee within one day of intimation in eligible cases,” he added. Max Life is a joint venture between Max Financial Services of India and Mitsui Sumitomo Insurance of Japan. In 2015-2016, the company achieved a claims paid ratio of over 96%.
India-based Max Life Insurance, a joint venture between Max Financial Services of India and Mitsui Sumitomo Insurance of Japan, has launched its claims system, InstaClaim. The system allows policyholders’ claims to be approved within one day after the submission of necessary documents and will be available to registered beneficiaries on all eligible policies that have been active for three years. “InstaClaim is an innovative insurance product which can help customers in their quest to get back what they lost due to natural disasters,” said Ajay Kumar, managing director at Max Life.