Wednesday, October 5, 2022

Irdai to launch grievance redressal mechanism

Insurance regulator Irdai will soon launch a revamped grievance redressal mechanism to make complaint redressal more efficient with the option of customers filing their complaints in regional languages. The Integrated Grievance Redressal System (IGMS), launched in 2011, is being upgraded to make it more convenient for customers. It is to be renamed as Bima Bharosa, sources said.
The new portal will not only be a gateway for registering and tracking grievances online but also act as an industry-wide grievance repository for the Insurance Regulatory and Development Authority of India (Irdai) to monitor disposal of grievances by insurance companies, the sources said.
All transactions, starting from registrations of complaints against various entities, processing of complaints through various stages and final closure of complaints, will happen on this portal, they said, adding it will allow policyholders to file complaints in 13 regional languages for redressal of their grievances against insurance companies.
The robust and effective mechanism would allow easy on-boarding of the complainant and s/he has to fill only eight mandatory fields to lodge the grievance. The landing page is simple with a clean design. It focusses on two actions — namely ‘register a new complaint’ and ‘track status of complaint raised’.
The new portal will be more dynamic which will take care of customers’ need in a more time bound manner. SMSes will be sent to the complainant’s registered mobile/e-mail ID after registration of complaint and upon attending by the insurance company.
This is part of Irdai’s reform process. The regulator in its recent board meeting took several decisions for the benefit of both customers and industry.
Irdai decided to do away with the prior approval requirement for raising capital through preference shares and subordinate debts by insurers.
As per the decision, the issue of Other Forms of Capital (OFC) should not exceed 50 per cent of the paid-up share capital or net worth of the insurance company. The board has also done away with the prior approval requirement for exercising the call option under OFC, subject to a solvency ratio not less than 180 per cent.

SourceAGENCIES