Shriram Life Insurance introduces 12-hour claims settlement

Shriram Life Insurance on Thursday said it has introduced a 12-hour claim settlement process for non-early claims.

Non-early claims are those that are filed after three years of a policy being issued.

''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.

''Currently, over 54 per cent of all non-early claims received are settled within 12 or 48 hours,'' Shriram Life Insurance Managing Director and CEO Casparus Kromhout said in a statement.

The insurer has been steadily improving its settlement ratio from 64 per cent in 2016-17 to over 91.6 per cent in 2019-20, and is now set to go beyond 95 per cent in 2020-21, the statement said.