Improving Claims Efficiency

Another focus of the report is operational efficiency, such as claim approval rates and average processing times. Insurers understand that claim turnaround time is a key factor for policyholders when purchasing insurance, so the industry has invested more resources to boost efficiency.

For instance, through digital technology, my company reduced its average hospital claim processing time from four working days in 2022 to 2.8 days in 2023. Meanwhile, average processing time for critical illness and death claims improved by nearly 33% to 4.6 working days. The goal is to ensure customers receive timely payouts during critical moments—giving them peace of mind and allowing them to focus on recovery during difficult times.

(This article was published in the May 2024 issue of ET Net.)

Prudential 2023 Individual Life Claims Report  https://www.prudential.com.hk/tc/.galleries/pdf/promotion/individual-life-claim-report-2023.pdf