Insurers need to significantly improve the quality and timeliness of resolutions, the regulator emphasised.
“Insurers were also advised to develop a clear and standardised operating procedure for classifying consumer references into complaints and service requests. Irdai also urged insurers to adopt a more proactive, policyholder-centric approach and to strengthen their internal systems to ensure strict compliance with prescribed timelines,” a statement by the regulator stated after a high-level meeting with chief compliance officers (CCOs) and grievance redressal officers (GROs) of all insurers.
What did Irdai focus on during the meeting?
The discussions centred on strengthening policyholder protection, improving grievance redressal standards and addressing operational challenges faced by the insurance sector.
There was also a detailed review of compliance practices and the effectiveness of existing grievance redressal mechanisms. The regulator also discussed concerns with the Insurance Ombudsman from Bhopal and Thane, who presented operational issues and challenges observed in handling cases filed at their respective offices.
What was Irdai’s key message to insurers?
Highlighting the need for deeper cultural alignment within organisations, the chairman of Irdai said, “Compliance cannot be a department — it must be a mind-set. And grievance redressal cannot be the end of a process — it must be our early warning system. When in doubt, choose the customer. If we do that consistently, trust will follow, growth will follow, and the industry will stand stronger than ever.”
The chairman highlighted the complementary roles of CCOs and GROs, calling them the “conscience and credibility” of insurance companies.
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