IRDA is closing monitoring the grievances that it is receiving from customers, especially in terms of the claims rejected/reduced as that forms the bulk of the complaints that IRDA received. In 2009-10, IRDA received 2500 complaints against life insurance companies (against 1800 in 2008-09), and 2076 complaints (2200 in the previous year) against general insurance companies. The private life insurance companies had a claims rejection ratio of 7.6% (LIC was 1.21%) in 2009-10, and rejected claims in the region of around Rs 250 crores.
IRDA is widening the scope of its grievance cell. Instead of merely facilitating a dispute resolution between the customer and the insurance company, it is trying to examine if there are any patterns that evolve in the claims rejection against any particular insurance company. If they find that one insurance company is consistently resorting to one particular pattern for claim rejection. they would pull that company up. One grievance that one gets to hear for certain insurance companies is that they delay the claim payment if the insurance policy renewal is around the corner, and puts subtle pressure on the customer to renew the policy before the claims payment is made!!!
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