LIC sets record on claims front, settles 99.92% cases

The Life Insurance Corporation (LIC) has pulled off a record claim performance by settling 99.92 per cent of death claims in 2016-17 as against industry average of 95 per cent.

The insurance behemoth is keen to push the boundary further, looking to settle 99 per cent claims on a monthly basis too in future.

"LIC has settled 99.92 per cent of death claims in 2016- 17, which is undoubtedly one of the best performances not only in the country, but in the world," an LIC source told PTI here. According to industry body Life Insurance Council, there are a total of 24 players, including LIC, active in the life insurance space and the industry average of death claim settlement stands at around 95 per cent.

"One of the fundamental reasons for the strong brand of LIC is our service delivery and... our claim settlement operations in particular," the source said, adding that "we would expect that not only we continue to focus on this area, but further strengthen it by settling 99 per cent claims on month on month basis".

Till date, LIC has had nearly 11 lakh such cases outstanding and expects that each and every case needs to be followed up to its logical end.

According to the source, the customer relationship management (CRM) department of LIC has been asked to ensure claim particular sheet is prepared for every outstanding case and regular monitoring is done. The corporation may go for a net addition of 69,000 agents, potentially taking its agency strength to 11,31,181 at the end of March 2017.