New IRDAI rules enhance grievance redressal

It also aims for a “zero grievances” status.

The Insurance Regulatory and Development Authority of India (IRDAI) has released reforms in its regulations to boost its policyholder centricity.

Key changes of the circular first included that insurers must have a tech-based mechanism for grievance redressal of policyholders for a more efficient process, as well as “striving to move towards “zero grievances”. 

Secondly, an advertisement committee must be established to approve of materials to ensure that disinformation or misinformation does not occur.

Insurers must also take a “phygital approach” (physical and digital) to open places of business.

Entities that wish to conduct their business must outsource permitted activities only if they are economical and efficient in giving these services.

Insurers are also urged to allow policyholders to have the option to avail services online or allot of other agents for uninterrupted policy serving.

Entities must also streamline group insurance business through the issuance of a certificate of insurance and consent for repayment. Also, in the case of group mediclaim policies, no claim should be denied for the non-availability of details of members of the group.