Aegon Life achieves a claim settlement ratio of 99.25%

Aegon Life achieves a Claim Settlement Ratio of 99.25%

Aegon Life, a pioneer in digital life insurance, announced that it has achieved a death claim settlement ratio of 99.25% for financial year 2020-21.

Aegon Life Insurance has settled 398 individual death claims aggregating to Rs. 105.98 crores during the financial year 2020-21. This translates into claims settlement ratio of 99.25%.

Satishwar Balakrishnan, MD, and CEO, Aegon Life Insurance shares, “Settling a death claim is a moment of truth for life insurance customers. This achievement is a demonstration of our customers’ faith in us. This pandemic has hit India hard, and we’ve processed more death claims in the last financial year than any other in our 13 years of existence. We would like to say to our customers and their loved ones who have suffered a great loss – we’re here for you, always.

Staying true to its brand promise of ‘Aegon toh tension gone,’ Aegon Life has continued to support and accelerate claim settlement through digitization and process improvement initiatives. Seamless claims processing has been a key area of focus in our journey towards customer centricity. At Aegon Life, we want to make our customers’ lives tension free, right from policy buying to its settlement. To deliver a superior customer experience, we are constantly enhancing our underwriting practices and making investments in technology to simplify life insurance for our customers.” adds Satishwar.

Aegon Life insurance has been at the forefront of digitization in the life insurance industry – from being the pioneer of online term plans in India, to the first life insurance player to go completely digital in its operations.

Over the past few years, Aegon Life has strengthened its digital servicing initiatives by focusing on simple, convenient tools such as iAssist, enabling customers to transact digitally.  It has also introduced AI-driven chatbot Assistant ‘ALIA’ on its website and customers can also use Facebook and WhatsApp Chatbots for any assistance on their policies.