IRDAI for effort to rectify pricing anomalies of customer policies

Kolkata, June 10 (IANS) India’s insurance regulator on Wednesday asked the industry to make a concerted effort to rectify pricing anomalies of customer policies by undertaking a scientific analysis of claims.

Insurance Regulatory and Development Authority of India (IRDAI) senior joint director Suresh Mathur said the companies needed to rectify the “aberrations” through adequate pricing “based on scientific analysis of claims”.

“This is one area where the insurance companies need to make a concerted effort. We would be happy if the industry takes a look into this on its own though we monitor as a regulator,” he said.

He felt the insurance industry should meet penetrations targets and widen their service capabilities while seeing to it that there was some discipline and grace in the overall functioning of the sector.

Managing Director and Chief Executive Officer of Bajaj Allianz Life Insurance Anuj Agarwal said customer experience was becoming difficult day by day, and that ‘Know Your Customer’ application involved a troublesome procedure.

“The private insurance companies should try to link up the mobile number with the accounts. Insurance policy is sacrosanct and they should look from the customer’s point of view,” he said at a seminar “Indian Insurance Industry: Road Ahead” organised by the Bengal Chamber of Commerce and Industry.

Leave a Reply

Please enter your comment!

The opinions, views, and thoughts expressed by the readers and those providing comments are theirs alone and do not reflect the opinions of www.mangalorean.com or any employee thereof. www.mangalorean.com is not responsible for the accuracy of any of the information supplied by the readers. Responsibility for the content of comments belongs to the commenter alone.  

We request the readers to refrain from posting defamatory, inflammatory comments and not indulge in personal attacks. However, it is obligatory on the part of www.mangalorean.com to provide the IP address and other details of senders of such comments to the concerned authorities upon their request.

Hence we request all our readers to help us to delete comments that do not follow these guidelines by informing us at  info@mangalorean.com. Lets work together to keep the comments clean and worthful, thereby make a difference in the community.

Please enter your name here