Insurance regulator Irda today said IT major Wipro will develop a system to address the grievances of insurance customers.

"Wipro has been selected as an implementing agency for developing and implementing the integrated grievances management system," Insurance Regulatory and Development Authority (Irda) said in a statement. Earlier, it had shortlisted IT firms TCS, CMC, Wipro, NSE IT and Deloitte for integrated grievance management system.

The new system would be an improvement over the existing mechanism as it would enable policyholders to register and view the status of the grievance filed with the system.

Earlier, it had also shortlisted three IT companies, including Mahindra Satyam, for providing call centre services to handle grievances. Other shortlisted entities for the grievance call centre were Sparse and Vcustomer.

Meanwhile, Irda has also asked all insurance companies to submit shareholding patterns in the revised format from the first quarter of the current fiscal which would capture the information about the pledge, if any created on the shares.

Earlier, the regulator had mandated all insurers to submit the detail of the shareholding of the insurance company and the local promoter of the insurance company.