Online grievance redressal portal for insurance policy holders launched

The government has launched an online grievance redressal portal for insurance policy holders, which would offer integrated grievance management system (IGMS).

Announcing the launch, secretary, financial services, S K Sharma, asked insurance companies to focus on increasing insurance literacy. He also emphasised the need for putting in place a proper regulatory mechanism to protect the interest of policyholders.

Speaking at a seminar organised by the Insurance Regulatory and Development Authority (IRDA)) yesterday, Sharma said market players in the insurance sector should focus on insurance literacy. This, he said, could be done by creating awareness among the prospective customers about the various possibilities of insurance, different schemes and benefits accruable thereupon.

Insurance industry, he said, will derive long-term gains by investing in promotion of insurance literacy, adding that there are some key areas of concern such as simplification and rationalisation of insurance laws.

There is also a need for a robust risk management and greater penetration of insurance in the social, rural and micro insurance segment in the country so as to ensure maximization of coverage under insurance, he said.

The current decade is expected to witness fresh new activities in the insurance industry, including a large number of new foreign joint ventures, number of initial public offers (IPOs).