IRDA mulls insurance products in vernaculars

IRDA mulls insurance products in vernaculars

Mumbai: The Insurance Regulatory and Development Authority (IRDA) has said that it is mulling developing insurance products in vernaculars.

“It is a suggestion. Languages of the products and mechanics of the whole thing evolve through a process of interaction between the regulatory body, counsel and individual companies," IRDA Chairman J. Hari Narayan said at the CII Health Insurance Summit.

At present, insurance products are sold in English.

On claim settlements, the regulator said that 70-75% of the claims are settled in the year they have been filed.

“The regulator has asked third-party administrators and insurance companies to build up IT-based systems to process data quickly and efficiently," Narayan said.

“We want companies to establish their own internal systems for grievances and complaint redress and make them very robust," he said.

“If the policyholder is not getting good service from insurance companies, he can approach the ombudsmen in different parts of the country and seek redress," he said. There are 12 ombudsmen in the country.

The chairman expects the terror pool of insurance products to widen as they go along.

“So far no claims have been filed. I expect certain claims would be (made). And we will know whether the current pool is sufficient or not only after those claims are filed," he said.