Happy customers are the key ingredient for a successful recipe for all companies; the same holds true for the insurance industry. If a policyholder is unhappy either with the service that he gets from the insurance company, or with the product itself, or for any other reason; then his grievances must be tended to with utmost priority. This is the idea behind implementing an Integrated Grievance Management System (IGMS).
Insurance Regulatory and Development Authority (IRDA) is the monitoring body of all insurance companies in India and for this reason, it is often referred to as the watchdog. In short, what the Reserve Bank of India (RBI) is to banks, IRDA is to Insurance Companies. It governs both Non-Life, which includes health insurance, travel insurance, motor insurance, home insurance etc, and Life Insurance Companies; and looks after the interest of the insurance industry as a whole.
Keeping policyholders’ interests in mind, the regulator has devised IGMS, which is a gateway for aggrieved customers to register complaints with insurance companies first and if need be escalate them to the IRDA Grievance Cells.
A comprehensive solution, IGMS provides online and centralized access to policyholders; while at the same time providing complete access and control to IRDA for monitoring market conduct issues of which policyholder grievances are the main indicators. This system will enable real time access to all users at all times and from any location.
The data capturing mechanism works in such a way that it can record all complaints received via email form, physical form or voice calls. IRDA has a dedicated toll free number 155255 for policyholders to register complaints. Customers can also send a written complaint to:
Consumer affairs Department,
Insurance Regulatory and Development Authority,
9th Floor, United Towers, Basheer bagh,
Hyderabad -500 029
Fax 91 – 40 – 66789768
Alternatively, policyholders can write an email on complaints@irda.gov.in
How does the grievance mechanism work?
. A policyholder needs to login in to www.igms.irda.gov.in and create a profile for registering a complaint.
. Policyholders can register one or more complaints.
. Details of the complaint are passed on to respective insurance company or companies.
. While registering the complaint, the policyholder will get a list of branch offices of the insurance company.
. A confirmation email along with IRDA token no is sent to the customer, which will be used by IRDA and Insurance Company for tracking of the complaint through IGMS.
. If the complainant is not satisfied with the resolution provided by Insurer, he can escalate the complaint for a review by IRDA for a potential violation of Regulations.
. All the transactions between the Insurer, Insured and Remarks by IRDA are visible to the complainant.
The entire process will have specified turnaround times as mandated by the regulator and hence customers will get a response with the stipulated time frame. IGMS will help address the needs of thousands of dissatisfied or aggrieved customers, while at the same time ensure that insurance companies provide an appropriate solution.
Also Read – IRDA releases Grievance Redressal guidelines for Insurance Companies
