Bajaj Allianz Life Insurance pays claims worth Rs 651 crore in FY14

MUMBAI: Bajaj Allianz Life Insurance today said it has settled more than 1 lakh claims during the last financial year and paid claims worth around Rs 651 crore. "We focused on digitising the claim settlement process and started image-based documentation at various branch offices. This helped claimants get faster response," Bajaj Allianz Life Insurance Head (Claims) P Ravi Kutumbarao said in a release here.

The private insurer settled more than 1 lakh claims, both individual and group, paying out Rs 651 crore, during the just concluded fiscal, it said. The claim settlement ratio was 97.45 per cent in FY14. About 77 per cent claim proceeds were settled through electronic mode directly into the claimants' bank account.

Claims arising out of natural calamities like the last year's floods in Uttarakhand and Himachal Pradesh were settled with minimum documents and in just two days of receiving the required documents, the release said. The company received a total of 35 claims (including accidental benefit cases) related to floods in Uttarakhand and Himachal Pradesh and paid more than Rs 73 lakh.The Pune-based company is a joint venture between between Bajaj Finserv and German insurer Allianz SE.