Irdai to bring in 'EASE' in delivering entire suite of insurance services

Regulator takes stock of industry's progress under the State Insurance Plan; five-year plan to be formulated to expand footprints of lead insurers in their respective states

The Insurance Regulatory and Development Authority of India (Irdai) is emphasising in bringing in “Enhanced Access and Service Excellence (EASE)” in delivery of insurance services in line with the banking industry.

At the third Bima Manthan session, Irdai said it wants to create an environment that makes it easy for the policyholder to approach the insurance company, be it for buying, servicing or receiving claims or lodging any complaint or grievance. Insurance companies, on their part, have to aim for excellence in their service delivery.

Prompt claim settlement and speedy redressal of grievances were one of the major topics of discussion in Bima Manthan, the insurance regulator said in a statement. Bima Manthan is a bi-monthly event hosted by the insurance regulator where it engages with the insurance industry officials and other stakeholders.

Among other things, all stakeholders engaged in the discussion reached a common consensus in prioritizing term insurance, pension and annuity segments in life and health, motor, property in general insurance.

The insurance regulator also took stock of the progress made by the industry under the State Insurance Plan. There was consensus on the formulation of a five-year plan to expand footprints of lead insurers in their respective states.