Petricia Dsa, LLM, Reva University, Bangalore
ABSTRACT
This paper will tell about how the authority called insurance ombudsman is trying to satisfy the customer in insurance sector. The current scenario in the insurance industry is a complex and competitive environment tinged with little stability. The major hassle the industry faces is obtaining clients. Customer satisfaction is a huge task which require more expert management not only expertise but also more care. People should be educated more in insurance sector. if the people are not understanding the concept of insurance there will be more problems between the insurance service provider and the person who is taking such insurance benefits. India a is a country where people are not with high standard of living, they always wish to have something which should benefit them with lesser price. It has become increasingly difficult for this particular insurance sector to gain profits while curtailing costs. Grievance can happen due to any reason. It may be due to lack of awareness at the customer level or may be due to wrong information at any stage of service to the customer. Some time there may be miscommunication also. Customer on the other hand normally feels that he should be given importance and his issues should be solved early as possible. Mainly people in India are not aware about the insurance ombudsman authority. Sometime customer will buy a insurance policy only because they were influenced by the family members or friends. Depth knowledge regarding the insurance business will be lacking. This Research paper is underpinning the measures taken by IRDAI (insurance Regulatory and Development Authority of India) in order to uplift the customer interest. This study is based on the Secondary Data collected from the various research papers collected from the different Journals and also by referring various text books.
Keywords: Insurance, Customer, Ombudsman, Regulation, Satisfaction, Policy
