Ombudsman’s role in Grievance management in Insurance sector
CMA Chada Jagadish Reddy
IRDA, Insurance ombudsman, grievance, complaint, award system
Customer satisfaction is most important contrivance for the sustainable growth of any service sector. Insurance companies will shoulder the risk of others when they are desperately in need. The role of insurance companies has taken different directions covering all types of risks from “ Class to Mass” covering all the sectors of the economy. This has increased a tremendous pressure on the part of insurance companies in catering the several needs of its customers. The insurance ombudsman scheme was introduced by Government of India for individual policy holders to settle their complaints out of courts system, with cost effective, efficient and unbiased manner. In spite of the existence of number of policy measures, the number of complaints are amplifying in recent years due to lack of awareness on the services of insurance ombudsman among insurance customers. Therefore, it is a matter of big concern in recent days as insurance sector is vast one. An ombudsman is a mediator who represents the grievances made by customers and passes awards or suggestions to insurer and insured. There are seventeen ombudsman jurisdictions in India to settle the grievances jurisdiction wise. The Governing Body of Insurance Council (GBIC) has been established under redressal of Public Grievances Rules 1998, to set-up and facilitate the Institution of Insurance Ombudsman in India to protect the interests of different types of insurance policy holders. Ombudsman, (Amendment) Rules, 2021 are brought into existence to protect the interests of several policy holders. The present study focuses in imparting an exposure and awareness to the insured when insurance claim is repudiated by insurer, and the role of Insurance ombudsman, in redressal system in India.
Article Details
Unique Paper ID: 153825

Publication Volume & Issue: Volume 8, Issue 8

Page(s): 130 - 134
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