The Insurance Regulatory and Development Authority (IRDA) will set up a centralised grievance redressal mechanism to ensure that problems faced by customers in the life and non-life sectors are addressed in time.
"The Authority is in the process of developing the new Integrated Grievance Management System, which will facilitate policyholders to register or track their complaints online with insurance companies," the IRDA said in a letter to insurers.
The new system, when implemented, would help the IRDA to monitor the grievance redressal procedure set up by insurance firms, vis-a-vis the complaints.
"The system involves mirroring of the grievance database of insurers in a central repository created for the said purpose," the letter added.
To implement this, the regulator has asked insurance companies to set up infrastructure, which would be compliant with the said procedure. "All insurers are directed to nominate professionals from their IT and grievance cells by September 8, who would be responsible for the successful completion of the integration requirement," it said.