Health insurance companies, middlemen, and agents are now required to provide policyholders with a document called the customer information sheet (CIS). This new regulation comes as a result of a recent circular by the Insurance Regulatory and Development Authority of India (IRDAI), which emphasizes the importance of ensuring policyholders are equipped with essential policy information.
The purpose of the CIS is to address common customer queries and help policyholders understand the benefits and limitations of their policies more effectively. By presenting this information in a clear and concise manner, insurance providers aim to enhance transparency and improve customer satisfaction.
To ensure accessibility, the CIS must be made available to policyholders in their local language upon request. Additionally, the document must be legible, with a font size of at least 12 (in Arial) or larger. Accuracy is also crucial, as policyholders rely on the information presented in the CIS to make informed decisions.
Industry experts have praised this initiative as a positive step towards customer-centricity and transparency. Bhaskar Nerurkar, head of the health administration team at Bajaj Allianz General Insurance, acknowledges the convenience of having all the necessary information in a simple, tabular form. This approach eliminates the complexity often associated with policy wordings, ensuring policyholders can easily comprehend their coverage details.
Dr. S. Prakash, Chairperson of the Health Committee at the General Insurance Council, believes that the CIS will prove invaluable in preventing claim processing delays. Providing policyholders with a clear understanding of their benefits and limitations removes any potential confusion and streamlines the claims process.
Bhabatosh Mishra, Director of Claims, Underwriting, and Product at Niva Bupa, emphasizes the significance of an easy-to-understand CIS in addressing customer inquiries and improving policy comprehension. By eliminating technical jargon and legal language, policyholders can make more informed decisions and avoid potential misunderstandings.
To further ensure accessibility, insurers are required to notify policyholders about the availability of the CIS when sending out the main policy document. This ensures that policyholders always have access to the relevant information whenever they need to refer to it.
In case policyholders have any queries or require assistance, they can reach out to intermediaries for support, both online and offline. Additionally, the customer support teams of health insurance companies are available to assist policyholders, offering guidance and clarification.
By implementing this new regulation, health insurance providers aim to empower policyholders by providing them with comprehensive and easily understandable policy information. This initiative is expected to enhance customer satisfaction and streamline the insurance process by reducing misunderstandings and delays.
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