Many advisors plan to use the regulator’s information portal to boost awareness among policyholders.
The Consumer Affairs Department of IRDA has planned a number of initiatives for providing information and support to insurance consumers. It has created a campaign ‘Bima Bemisaal’, to disseminate consumer protection information. The regulator has launched a website (www.policyholder.gov.in) for consumer guidance and information. This site also carries the latest updates from the industry.
This portal is currently a beta website. IRDA is waiting for feedback and suggestions from the public, policyholders, intermediaries, insurers and all other stakeholders of the insurance industry till 21 May 2012. The website is in English; it will subsequently be in other languages.
According to IRDA, “The objective of the website is to reach out to people and give generic information on various subjects in order that consumers begin to think and seek answers to questions such as: what they need to buy, whether they are being offered the right product, that they must read the insurance policy fully, understand procedures and documentation involved in making a claim.”
IFAs have welcomed this initiative; many of them find this website educative and informative. “The language used in the website is quite simple which makes it easy for consumers to understand various aspects of insurance. Any basic query about insurance is answered by this website. I plan to add the link of the site to my investor awareness handbook so that it reaches out to all my clients,” says Soumitra Das, an IFA from Kolkata.
Ramakant Mahawar, another Kolkata-based IFA, says that policyholders normally have queries related to claims settlement, and the website is a big help. “The website explains all the claim settlement steps in detail. Now I can tell my clients to visit this site in case of any such query,” says Ramakant.
“The website is a boon for people who have been victims of mis-selling by agents. We as a CFP group will promote this website in social media. We also conduct investor awareness drives and we will use this website in our campaigns,” says Subhabrata Ghosh, IFA from CFP Group Kolkata.
He adds that the regulator can promote the website by sending text messages to all policyholders or spread awareness
through FM radio or TV channels.