Shriram Life Insurance has recently stated that 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.
Casparus Kromhout, MD & CEO, Shriram Life Insurance, said in a statement, “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% of all non-early claims received are settled within 12 or 48 hours.”
The insurer has been steadily improving its settlement ratio from 64% in 2016-17 to over 91.6% in 2019-20, and is now set to go beyond 95% in 2020-21, the statement read.
