Page 9 - Life Insurance Today March 2018

solution would also be a changed stance from IRDA. IRDA's It is extremely difficult to justify the reasons for the same
job is not to focus on individual complaints; but it does particularly with IRDA members having so much of
take up such cases on a random basis and investigates interactions with these insurers by participation at every
insurance companies to protect the insured. conceivable events and venues sponsored by these
companies to promote their cause. IRDAI has to ensure
IRDA's approach is to put systems in place and see how that proper checks and controls are put in place to protect
they work and the corrections that need to be done in the the insurance policyholder. At times, even a letter written
processes. It means individual complaints may not get to CEO, remains unanswered.
solved by IRDA's IGMS. Consumers still have to go to the
insurance ombudsman, consumer court or civil court. There is a need to put a system of public accountability.
They do it because they believe aam-admi (common-man)
The advantages of ombudsman are no cost to the insured does not have power and cannot face litigation. Let there
and binding decision on insurance companies. While the be transparency in every aspect so that end of the day
insurance ombudsman is good option, there is often a people get justice, failing which insurance companies will
delay in getting a hearing. It can range from six months to continue to under deliver.
one year after making a complaint. In some places the
ombudsman's post gets filled after being vacant for over References:
nine months. This increases the backlog of complaints. 1. IRDA Annual Report 2015-16 ( Data contents)
2. http://www.policyholder.gov.in/
The Bombay High Court suggested that IRDA should
integrated_grievance_management.aspx
empower the insurance ombudsman to levy compensatory
3. http://www.igms.irda.gov.in/
or penal costs on insurance companies for repudiating
insurance claims on flimsy grounds. It is now up to IRDA 4. http://www.moneylife.in/article/irdarsquos-consumer-
redress-system-1-lot-of-scope-for-improvement/
to to see strict observance of its guidelines. Still, given the
amount of mis-selling and fraud, a lot needs to change to 31236.html
improve customer satisfaction including empowering the 5. http://economictimes.indiatimes.com
insurance ombudsman to levy penalty on insurers. 6. Newspapers & Journals

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