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In insurance, one sees a rare fusion of interest between the regulator and the companies in promoting IT-based solutions.
The Insurance Regulatory and Development Authority (IRDA) has been taking a host of initiatives to ensure policy-holder satisfaction.
It now operates a high-tech integrated grievance management system for speedy and effective handling of grievances.
“We are tackling the complaints being received by individual insurers through real-time connectivity with their portals,” J Hari Narayan, Chairman, IRDA, told Business Line recently.
With this, it is possible for the regulator to check the nature of complains on service/claims of policies and their status in all 43 life and general insurers on a real-time basis.
For general insurers, it runs an advance web-based vehicle insurance status tracking system with access to the database of all insured vehicles in the country.
The data is being shared with transport and police authorities in different States.
The submission of data by each underwriting office is being monitored on a daily basis and a report on the same generated.
More importantly, the Insurance Information Bureau (IIB) set up by the IRDA recently is the main source of authentic data on various aspects of life and general insurance for all stake-holders. — G.N.
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