A joint venture between Max Financial Services Limited and Axis Bank Limited is called Max Life Insurance Company Limited. A multi-business firm based in India, the Max Group includes Max Financial Services Ltd. According to the annual audited financials for the fiscal years 2021 and 2022, Max Life insurance had a total claim-paid ratio of 99.35%.
Through its multi-channel distribution, which includes agency and third-party distribution partners, Max Life offers complete protection and long-term savings life insurance solutions.
For long-term protection and investments, Max Life Insurance provides both conventional and unit-linked insurance plans with complete life insurance and retirement options. It boasts a widespread, diverse distribution plan with the top agent advisers in the nation, an exclusive partnership with Axis Bank, and a number of additional partners. Max Life Insurance is a reputable company that is committed to providing consumers with excellence through a process of advice-based sales, a customer-centric business model, financial stability & investment know-how, and strong human capital.
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Max Life Insurance’s death claim settlement
In the fiscal year 2020–21, Max Life Insurance settled death claims totaling more than Rs 885 crore at a settlement rate of over 98%.
In the fiscal year 2020–21, Max Life Insurance settled death claims totaling more than Rs 885 crore at a settlement rate of over 98%.
According to a statement released on Wednesday by Max Life Insurance, the business has paid out 19,922 death claims totaling Rs. 885.57 crores for the fiscal year 2020–21, giving it a ratio of individual death claims paid of 99.35 percent.
According to the insurer, Max Life’s dedication to its customers has enabled the business to steadily raise its claims paid ratio and achieve the benchmark of 98% for the past two fiscal years.
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Max Life said it had implemented predictive analytics-based underwriting models and strong fraud management bolstered by the digitization of forensic controls with a focus on the delivery of services digitally.
As a result, Max Life’s claims paid ratio increased steadily over the past five years, going from 97.81 percent in FY17 to 99.35 percent in FY21, becoming the company’s new “India Ke Bharose Ka Number.”
Max Life’s brand campaign on the claims paid ratio is called Bharose Ka Number. It is a comparison of the number of death claims paid over the total number of claims received over the course of a fiscal year.
“By prioritizing digital-led customer services, we have created a hassle-free claims settlement experience that has become increasingly important during the epidemic,” stated Max Life MD and CEO Prashant Tripathy.
He continued, “Our focus on being ‘customer obsessive’ has encouraged us to enhance our service with an assurance of standing with them at the most vital crossroads of the relationship.’ At a time when customers have sought to help them with swift claim disbursal.
The private sector insurance claimed that in FY21, its WhatsApp for Customer Servicing, which incorporates an AI-based chatbot named “Mili” to assist consumers around the clock, handled more than 40 lakh service inquiries.
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In 2021, Max Life insurance is ranked as the 18th best company to work for in India.
The Great Place to Work Institute’s most thorough employee poll of workplace culture has awarded the Company with this honor for the ninth time.
The 18th best company to work for in India in 2021 is Max Life Insurance Company Ltd. (“Max Life”/”Company”).
The Great Place to Work Institute’s most thorough employee poll of workplace culture has awarded the Company with this honor for the ninth time.
According to the Great Place to Work Institute’s (“GPTW”) 2021 research, Max Life has also been named one of the top 30 “Best Workplaces in BFSI” and has maintained its ranking among the “Top 50 Best Workplaces” for five years running. Out of the more than 850 businesses covered by the survey this year, the Top 100 have been chosen for the premier award.
Max Life’s long-standing values-driven culture and “people-first” approaches to employee engagement and talent development are recognized, which is a credit to both of those elements of the company. The Company has attained its highest-ever ranking in the most recent survey after receiving high marks on the GPTW Institute’s “Culture Audit Framework,” which assessed the company on criteria of human touch, diversity, innovation, integration, and all-inclusiveness.
Shailesh Singh, Director & Chief People Officer at Max Life Insurance, commented on the news: “Being named one of “India’s Best Companies to Work For” is an honor for us. We are dedicated to preserving an atmosphere where the most brilliant individuals desire to work, advance their careers, and positively impact our clients on a daily basis. We dedicate this accomplishment to our team members, business partners, and their families, and we look forward to rising further in the future.”
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Key findings of Max Life’s evaluation for 2021
* Max Life’s culture-building efforts and people practices
* Improvements in the areas of inspiring, celebrating, welcoming new employees, collaborating, offering support, and resolving grievances, among other culture audit criteria
* Possibilities for career advancement, credibility among the leadership team, and a “Communicate to Care” philosophy: Employees have a high level of trust in the company and give it high marks in all assessment categories.
With its comprehensive and reliable dual-lens methodology, “The Great Place To Work” designation carries significant weight. A list of companies that foster an environment that supports their employees’ growth, engagement, and work-life balance is compiled by the GPTW survey. The institute then conducts a meticulous and thorough evaluation that includes both employee feedback and the use of people practices.
A joint venture between Max Financial Services Limited and Axis Bank Limited is called Max Life Insurance Company Limited. A multi-business firm based in India, the Max Group includes Max Financial Services Ltd.
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Through its multi-channel distribution, which includes agency and third-party distribution partners, Max Life Insurance offers complete protection and long-term savings life insurance solutions. Through a need-based sales process, a customer-centric approach to engagement and service delivery, and educated human resources, Max Life has grown its operations over the course of roughly two decades.
Max Life Insurance has generated a gross written premium of INR 19,018 crore, according to public disclosures and yearly audited financials for FY20-21. The Company had INR 1,087,987 crore in Sum Assured in Force and INR 90,407 crore in Assets Under Management (AUM) as of March 31, 2021.
For more details, go to the business’ website at
The greatest “Employer-of-Choice” designation that firms may receive is the Great Place to Work certification. The accreditation is unquestionably regarded as the “Gold Standard” in identifying and recognizing “Great Workplace Cultures” and is acknowledged on a global scale by both employees and employers.
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