IRDAI Will Update the Grievance Procedure and Call it “Bima Bharosa”

To improve the efficiency of the grievance process, the insurance regulator IRDAI will shortly introduce a new grievance redressal method. Customers will have the ability to file complaints in local languages in this. The 2011-introduced Integrated Grievance Redressal System (IGMS) is now being improved to make it more user-friendly. It will now be known as “Bima Bharosa.” All capabilities, including the ability to file complaints against various entities, process those complaints through various phases, and finally resolve complaints, will be accessible through this platform.

The updated Portal Bima Bharosa will be the first tool for online complaint tracking and registration, and it will also assist IRDAI in keeping track of how complaints are handled by insurance companies. The “Bima Bharosa” portal will handle the consumers’ needs in a more timely manner. With the ability for clients to file complaints in regional languages, it seeks to increase the efficiency of grievance redress. In order to improve customer convenience, the 2011-introduced Integrated Grievance Redressal System (IGMS) is being updated through this.

This portal will be used for all transactions, the filing of complaints against various entities, and the resolution of those complaints. Through the web, policyholders will be able to file grievances against insurance providers in 13 regional languages. The complainant’s complaint can be filed easily because just eight pieces of information are required. Options like “Subscribe New Complaint” and “Track Complaint Status” have been offered so that complainants using the portal don’t have to worry too much.

The insurance regulator recently made a series of decisions at its board meeting that benefited both the business and the public. I made the decision to remove the requirement for regulatory clearance from insurers for capital raising through shares and loans.