Shriram Life Insurance to hit settlement ratio of over 95pc in FY21

At present over 54 per cent of all non-early claims received are settled within 12 or 48 hours. Shriram Life has been focused on both the rural and urban mass market segment.

Shriram Life Insurance on Thursday said its settlement ratio is expected to go beyond 95 per cent in FY21 and the company has reduced the claims settlement time to 12 hours from 48 hours.

Over the last few years, Shriram Life has been steadily improving its settlement ratio from 64 per cent in FY2016-17 to 91.6 per cent in FY2019-20 and is now set to go beyond 95 per cent in FY2020-21.

In order to reduce the misery in the pandemic times, Shriram Life Insurance is rapidly shifting its 48h settlement of non-early claims to 12 hours of document submission, it said in a release. The bulk of all non-early claims received are already being settled within 12 to 48 -hour time windows across the country.

Casparus Kromhout, MD & CEO, Shriram Life Insurance said, ''Our team is focused on ensuring that timely help is extended on claim intimation and wherever possible, the claims are settled within a time period of 12 hours. At present over 54 per cent of all non-early claims received are settled within 12 or 48 hours.'' Shriram Life has been focused on both the rural and urban mass market segment. Around 45 per cent of the business is from rural areas.

Consequently, the company has the lowest average ticket size for individual regular policies amongst all private players at approximately Rs 17,000, it said.

''Our commitment to work with the financially poor segment has led to the development of innovative service processes. This has enabled us to provide timely service even in the remotest of regions, as in crucial services like death claim settlement,'' Kromhout added.

During the Covid–19 lockdown period the company was able to provide 24X7 digital assistance to all its customers, said the insurer.

The company has also made advancements in the adoption and use of technology to be able to reach and serve its customers more effectively irrespective of geographical constraints, Kromhout said. Shriram Life Insurance commenced operations in 2006. SLIC is a joint venture between Sanlam and Shriram Group. It has a network of 588 branch offices across India.