Ajay Seth, Chairman, Insurance Regulatory and Development Authority of India (IRDAI)
In his message on the occasion of the first Insurance Lokpal Day observed on Tuesday, the insurance regulator said trust is the key to insurance and transparent communication and responsible sales practices play a key role in promoting trust in the insurance sector.
“Over the last year, 2.57 lakh policy grievances have been registered on the Bima Bharosa platform and a large number of them have been resolved. The industry’s resolution rate is above 99 per cent. However, we should not be complacent,” the IRDAI chairman said.
Vital role
“The Bima Lokpal institution, supported by the IRDAI network of insurance ombudsmen and the industry, continues to play a vital role in upholding the rights of policyholders,” Seth said.
The institution has emerged as a major platform for redressal of complaints and it was important to think about the huge responsibility of gaining the confidence of the policyholders and ways and means to strengthen the system, the IRDAI chief said, adding that the 18th office of the Insurance Ombudsman was inaugurated in Thane last year.
“With 18 offices across the country, insurance has become an important platform for resolving disputes, including claim deferrals and policy denials,” Seth said.
The insurers should focus more on rural and semi-urban markets to ensure expansion of insurance reach and achieve the Vision of Insurance for All by 2047, he added.
Published on November 11, 2025
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