Affordable health premiums must for insured: Mukherjee

Highlights need for effective grievance redressal system for policy holders

geetanjali

Geetanjali Minhas | September 2, 2010



Underlining the challenges faced by proliferation of private players in the insurance sector, finance minister Pranab Mukherjee has said there is a need for affordable premiums for health insurance seekers. He was addressing a gathering at the Global Insurance Summit organised by Assocham in Mumbai on Wednesday.

“Financial inclusion especially of the semi-urban and poor population of the country is a challenge for insurance industry and micro insurance is an essential component of financial inclusion package,” he said. 

He said the insurance industry should be prepared to deal with any kinds of catastrophic losses when it comes to insuring against natural disasters. “The insurance companies should concentrate on exploring the world reinsurance markets so that the impact of heavy losses can be mitigated.”

Also highlighting the need to refurbish underwriting skills he said, “underwriting skills which got lost with the introduction of tariffs in the general insurance business have to be brought back to the non-life industry and for that insurance companies need to improve employee productivity through continuous professional development, in-house training programmes , advanced level training etc.

Mukherjee said companies must use advanced technologies to save costs and extend maximum outreach.
 
He also highlighted the need for an effective grievance redresssal system for policy holders. “While ombudsmen provide a dispute redressal mechanism, it is essential that the insurers themselves institute in-house grievance redressal mechanism where the policy holder is the centre of attention.”

The IRDA has set up a toll-free number for the same. Especially in the area of ULIP’s IRDA has come up with a number of regulations and guidelines.
 

Comments

 

Other News

Maharshtra braces to face Cyclone Nisarga

 Even as Mumbai fights challenges posed by COVID-19 on multiple fronts and as the  coronavirus cases continue to rise daily, the city now faces a double whammy with the cyclone ‘Nisarga’ slated to make the landfall in Maharashtra Wednesday. A state-wide alert has been issued for Mumba

Harnessing the demographic capital: how effective are skilling programmes?

Probing data concerning increased job creation and the decline in unemployment has been holding the attention of economists and been subject of discussions in several think tanks in the preceding months. The NITI Aayog reports that 3.53 million new jobs were created between September 2017 and February 2018

It`s time to Unlock now, with economic focus

With Lockdown 4 ending Sunday, the home ministry has issued new guidelines to fight COVID-19 and for phased re-opening of areas outside the Containment Zones. The guidelines, issued based on extensive consultations held with states and UTs, will be effective from June 1 till June 30. The first phase of reo

Small kitchen gardens turn saviours for Gujarat tribal families

When the whole world is fighting COVID-19, food and nutrition security has become a major issue. The pandemic has aggravated the existing food crisis in India, especially in rural and tribal regions. There has been less availability of fresh foods in most parts of the country, and the tribal community has

India will set example of post-Covid-19 economic revival: Modi

India is determined to “set an example” for the rest of the word in the post-pandemic economic revival, prime minister Narendra Modi has said, underling the need to become self-reliant. “There is also a widespread debate on how the economies of various countries, including

3,543 ‘Shramik Special’ trains transport 48 lakh people in 26 days

Close to 48 lakh migrant labourers have been able to reach home from the cities they were working in, as the Indian Railways have run a total of 3,543 “Sharmik Special” trains from May 1. Following the home ministry order regarding the movement by special trains of migrant worker



Archives

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter