Complaint redressal by insurance companies is set to get a lot speedier. A new web-based complaint tracking system by the insurance regulator will let both, the complainants, and the regulator, check the status of their grievances.

"The proposed framework is an extremely positive initiative as it will ensure that all the parties involved " the customer, the company and IRDA " are on a common platform,"added Anita Pai, executive vice-president, ICICI Prudential Life Insurance.

The insurance regulator will be in a better position to assess insurance companies' redressal mechanism once it gains such an access, as the time taken by companies to resolve complaints will be known. Also, point out insurers, some customers choose to communicate ” through letters, e-mails etc " with IRDA directly without seeking redressal at the company level. In such cases, the IRDA forwards the complaints to the insurance companies concerned, directing them to look into the matter.

(The author is former LIC chairman)