Raw deal? A click can do the trick

Vijay Gokhale is one of those honest few who had never defaulted on his policy premium payment in the last 15 years or so. But last August, he was in for a rude shock when he made his first claim, only to be rejected on some flimsy ground.

Ever since, a hapless Gokhale had been on a wild goose chase, right from the insurance company’s office to that of the agent, seeking justice.

But that was until when he stumbled upon an effective alternative that holds out hope for millions like him. Here, he knows he can at least be heard and get noticed.

Welcome to the world of e-filing your complaints. The initiative from Insurance Regulatory and Development Authority (Irda) through the Integrated Grievance Management System (IGMS) is a timely step in that direction. It ensures a reliable mechanism for policy holders so that they can air their grievances involving insurers, brokers and intermediaries and track them, all online.

It goes without saying that this requires a minimum understanding of the basics of grievance redressal, which comes in handy whenever the need arises. Suresh Agarwal, executive vice-president, head, individual business and strategic initiatives, Kotak Life Insurance, is positive about the effectiveness of the tool, which he thinks can lead to speedy disposal of cases. “It’s a robust platform to post and track your complaints. As a whole, the redressal system is integrated into the regulator’s website. And it puts pressure on the entire system to get the issues proactively resolved.”

As the first step, you need to get registered with the grievance redressal set-up of the insurer concerned. You can do so on the IGMS site by clicking the link www.igms.irda.gov.in.

The process of registration needs you to key in some basic personal information like your name and address. Details of any of the identity proofs like election ID, PAN card or passport are also a must. As soon as you file the complaint, a token number is generated. The status of the compliant can be tracked online using this reference point.

Each player has a set procedure to deal with these complaints both online and offline. One can put across such complaints through branch offices or through an e-mail. There are officials designated as grievance redressal officers whom you can approach too. If all this still leaves you unsatisfied with the way your case is handled, you have the option to intimate the regulator through the IGMS.

Irda has also set in motion a grievance
redressal cell to address the concerns of
policyholders through phone or e-mail. You can dial 155255 or just shoot off a mail to complaints@irda.gov.in.

The norms in this regard are clear: the insurance company should acknowledge complaints within three working days of the receipt. Also, they are bound to set a time-frame for resolving the issue.

For the benefit of the public, the insurance watchdog has also started a consumer education website, which can be accessed at www.policyholder.gov.in. This web portal is designed exclusively to enable people to make informed decisions regarding buying insurance policies, claims procedures and the related documentation. At the same time, it has laid down some dos and don’ts for policyholders.

The other website that is equally helpful is the Insurance Information Bureau (IIB). The website contains elaborate information about every motor insurance policy issued (third-party and own damage) since April 2010 and can suit your needs when it comes to a complaint regarding motor insurance. Last month, the IIB, through its website, launched the beta or trial version for general public and accident victims. Any person can enter the registration number of a vehicle involved in an accident and the accident date and know if the vehicle is insured or not and who is the insurer.

Mutual Funds and stocks
It’s not Irda alone that believes in empowering the general public. The Securities and Exchange Board of India has had several provisions to keep the consumer well-informed. If you have any issues relating to any mutual fund or stock, you can log on to www.scores.gov.in. Scores stands for Sebi Complaints Redress System. Even on this site, you follow the same process of registration and filing a complaint. You are given a reference number and intimated that within 30 days, your complaint will be dealt with.

Like insurance companies, every mutual fund house has a mechanism dedicated to lending an ear to the consumer’s needs. Ideally, before taking the matter to Sebi, you should try calling up the consumer helpline number of a given fund house. If this doesn’t work, try writing e-mails. An e-mail or any written correspondence can substantiate your claim at a later stage.

Another website that can give you relief is www.amfiindia.com. The Association of Mutual Funds India also has a section exclusively for consumer complaints. The best part is it helps you raise your queries at as many places as possible.

Banks
Credit card and bank related problems remain an issue. Even here, help is at hand.

Experts suggest one should take up the issue with the bank first. Once again, it’s imperative to get a written acknowledgement from the bank. The bank is required to attend to the query in 30 working days.

If the bank fails to reply within the stipulated time or if you are unhappy with the response, you can take your case to the banking Ombudsman. For registering a complaint, you need to log on to www.bankingombudsman.rbi.gov.in. Harsh Roongta, Chief Executive officer, Apnapaisa.com wants consumers to be a bit careful while posting complaints. “Remember if you don’t file a complaint with the Ombudsman even one year after getting a reply from the bank, your complaint is going to get rejected. Also, if you haven’t raised the issue with the bank concerned first, then your complaint is likely to get rejected,” he says.