Business Report :
Pragati Life Insurance Limited (PLIL) has successfully settled Tk 3.052 billion (305.20 crore) in claims from January to September 2024, reflecting an 11.73 per cent increase compared to the same period last year.
The company settled a total of 98,266 claims in the first three quarters of 2024, including death claims, maturity claims, medical claims, and other insurance benefits. Remarkably, the average claim settlement time was just 4 days, according to a media release.
In 2023, Pragati Life Insurance settled Tk 366.30 crore in claims, boasting an impressive claim settlement ratio of 98.97 per cent, which signifies that nearly all claims filed were paid out. Since its inception, Pragati Life Insurance Limited settled total claims amounting Tk 2560.45 crore.
Md. Jalalul Azim, CEO of Pragati Life Insurance, expressed his commitment to customer satisfaction, stating, “We are dedicated to providing our clients with a fast and hassle-free claims experience. I’m proud to say we have received no complaints regarding payment of insurance claims. Our focus remains on improving our claims processing times to ensure that our customers receive their payments as quickly as possible.”