PNB MetLife India Insurance Company Ltd (PNB MetLife) on Thursday, July 13, said it has achieved a claim settlement ratio of 99.06 percent and 99.70 percent for individual and group customers' claims, respectively for the FY2023.

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The life insurance company paid 19,768 claims totalling Rs 829.79 crore. While this is the company’s highest claims settlement performance for both individual and group customers over the past three years, PNB MetLife has consistently paid over 97 percent of claims.

PNB MetLife continues to apply technology to improve the efficiency and accuracy of its business process, especially through the ‘3-Hour Claims Assure Process,’ which means PNB MetLife customers will know the outcome of their claim within three hours of lodging it.

Ashish Kumar Srivastava, MD and CEO of PNB MetLife, said the company achieved this remarkable milestone by prioritising its policyholders and their families.

"Our 3-hour Claims Assure process provides prompt and efficient support during their most crucial times, demonstrating our unwavering dedication to standing by our customers in their moment of need," Srivastava said.

The company last month declared Rs 768.6 crore in annual bonuses to policyholders for FY23, making the payout the highest to date by the insurer. The insurer said the dividend for the year is 29 percent higher than what it had paid out in FY22 and will benefit 5.52 lakh participating policyholders.

PNB MetLife is a joint venture between state-run Punjab National Bank, Metlife International Holdings, M Pallonji & Company, Jammu & Kashmir Bank, and other private investors, with the bank Metlife being the majority shareholder.

(Edited by : Shoma Bhattacharjee)