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Life insurance complaints declines 4.3% to 0.39 mn in 2011-12

The establishment of the Integrated Grievance Management System has led to a sharp drop in complaints

May 15, 2012 1:52 IST | India Infoline News Service

The number of customer complaints reaching the Insurance Regulatory and Development Authority (IRDA) has declined sharply 9.5% in 2011-12. While the number of life insurance complaints decreased 4.3% to 0.39 million in 2011-12 from 0.41 million in 2010-11. In the same period, the number of non-life complaints dipped around26.5% to 93,155 from 0.13 million.

The establishment of the Integrated Grievance Management System (IGMS), which allows the customer to file his grievance online and track its progress, has led to a sharp drop in complaints. According to IRDA chairman J Hari Narayan, IGMS has reported almost 20,000 complaint escalations to the authority through Internet and IRDA toll free call centre. The number of complaints received by the IRDA through post has reduced. This indicates that policyholders are finding the new channel of complaint registration very useful.

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