Mumbai: The Life Insurance Corporation (LIC) has pulled off a record claim performance by settling 99.92% of death claims in 2016-17 as against industry average of 95%. The insurance behemoth is keen to push the boundary further, looking to settle 99% claims on a monthly basis too in future. “LIC has settled 99.92% of death claims in 2016-17, which is undoubtedly one of the best performances not only in the country, but in the world,” an LIC source told PTI here. According to industry body Life Insurance Council, there are a total of 24 players, including LIC, active in the life insurance space and the industry average of death claim settlement stands at around 95%. According to the source, the customer relationship management (CRM) department of LIC has been asked to ensure claim particular sheet is prepared for every outstanding case and regular monitoring is done.

Source: Mint June 11, 2017 07:18 UTC