MUMBAI: A New Era for Insurance Complaint Resolution

In a groundbreaking move, the Insurance Regulatory and Development Authority of India (Irdai) has unveiled a draft proposal aimed at transforming how insurance complaints are handled. This initiative seeks to establish an internal ombudsman system within insurance companies, promising a more efficient, standardized, and legally binding process for dispute resolution.

Why This Matters: For years, policyholders have faced challenges in getting their grievances addressed, often resorting to external forums. The proposed internal ombudsman mechanism is designed to change that, offering a quicker and more accessible avenue for complaint resolution.

Stakeholder Engagement and Next Steps

The draft proposal is the culmination of extensive consultations with various stakeholders over the past year. It reflects a collective effort to enhance customer satisfaction and trust in the insurance sector.

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