PNB MetLife’s Claim Settlement Ratio surpasses 99% in FY’23
Mumbai, July 14, 2023: PNB MetLife, one of the leading life insurance companies in India, has achieved an impressive claim settlement ratio of 99.06% and 99.70% for Individual and Group customers claims respectively for the FY 2023. The company paid 19,768 claims totalling INR 829.79 Crores, demonstrating its deep commitment to standing by customers when it matters the most.
While this is the company’s highest claims settlement performance for both individual and group customers over the past three years, PNB MetLife has consistently paid over 97% of claims demonstrating the company’s robust claim management practices and high-quality customer service.
PNB MetLife has utilized the power of predictive analytics-based underwriting models and robust risk management to ensure a seamless claims settlement process for its customers. The company continues to apply technology to improve the efficiency and accuracy of its business process, especially through the 3 Hour Claims* Assure Process, which means PNB MetLife customers will know the outcome of their claim within 3 hours of lodging it.
Ashish Kumar Srivastava, MD & CEO of PNB MetLife, emphasized the customer-centric approach that underlies the company’s success, and said, “We have achieved this remarkable milestone by prioritizing our policyholders and their families. Our 3-hour Claims* Assure process provides prompt and efficient support during their most crucial times, demonstrating our unwavering dedication to standing by our customers in their moment of need. Our commitment to investing in cutting-edge solutions and fostering a culture of innovation ensures that we deliver a smooth and hassle-free customer experience.”
PNB MetLife’s exceptional achievement in attaining a 99.06% settlement ratio for FY’23 solidifies its position as a trusted provider of financial protection solutions. Setting the standard for excellence in the life insurance industry, PNB MetLife offers customers the peace of mind they deserve by prioritizing their financial security and delivering outstanding customer service.