GRIEVANCE REDRESSAL POLICY. Exide Life Insurance Company Limited

Transcription

1 GRIEVANCE REDRESSAL POLICY Exide Life Insurance Company Limited Contents 1. Objective 2. Complaints Handling Standard Operating Procedures 3. Complaint Management & Redressal Cell 4. Definition of a Grievance/Complaint 5. Grievance Officer/s 6. Categorization of Complaints 7. Grievance Redressal Exide Life Insurance 8. Complaints Management System 9. Policy Holder Protection Committee 1 P a g e

2 Grievance Redressal Policy 1. Objective: Exide Life Insurance is committed to set the highest standards in helping our customers manage their financial future. We are also committed to look into and resolve grievances if our prospective or existing customers have any issues regarding our products and / or services before, during and / or after the term of their relationship with us. We shall endeavor to resolve the complaints in a speedy and fair manner. 2. Complaints Handling Standard Operating Procedures: This policy prescribes the minimum objectives and standards in relation to handling Customer grievances. The detailed procedures and guidelines arising out of this policy would form part of the Complaints Handling standard operating procedures. 3. Complaint Management & Redressal Cell: All complaints received at Exide Life Insurance shall be tracked and monitored by the Complaints Management & Redressal Cell. Complaints Cell shall coordinate to resolve the complaints within the time frames as mentioned in this policy. In-depth analysis of the complaints received shall be done to identify the root cause of the complaints and identify issues pertaining to the products, processes and systems. Trend analysis of the complaints shall be done and inputs provided to various departments for corrective and Preventive actions. 4. Definition of a Grievance/Complaint: A Grievance/Complaint is defined as any communication that expresses dissatisfaction about an action or lack of action, about the standard of service/deficiency of service of an insurance company and/or any intermediary or asks for remedial action. 5. Grievance Officer/s: The Chief Operating Officer (COO) of Exide Life Insurance shall be the Chief Grievance Officer and shall be supported by the Principal Compliance Officer of the organization. The Branch Managers or Location Head shall be the Grievance Officers for their respective offices. 6. Categorization of Complaints: Exide Life Insurance shall adopt the classifications prescribed by the Insurance Regulatory Development Authority from time to time. The detailed classifications of complaints and the Turn around times ( TATs) shall form part of Exide Life Insurance s Complaints handling Standard Operating Procedures ( SOP) and shall be revised from time to time as per IRDAI directions. 2 P a g e

3 7. Grievance Redressal Process at Exide Life Insurance: 7.1 Registration: Customers can seek redressal of their complaints by registering the same through any of the below mentioned channels. By calling Exide Life Insurance Contact Centre at (Toll Free) By ing Exide Life Insurance Complaints Cell at [email protected] By logging a complaint through our website By submitting a complaint at any of Exide Life Insurance branches to the designated Grievance Officer / Customer Services Desk By writing to the Complaints Officer at the below mentioned address: Complaints Management and Redressal Cell Exide Life Insurance Company Limited 3rd Floor, JP Techno Park, No. 3/1, Millers Road, Bangalore India Through other judicial or quasi-judicial offices such as IRDAI, Ombudsman, consumer forums or legal notices. 7.2 Acknowledgement: A unique Complaint ID Number will be generated upon registration of the Complaint and intimated to the customer along with the acknowledgement of the complaint, which shall be sent to the communication address of the complainant as updated in our records within 3 working days of receipt of the complaint. The Acknowledgement will contain the name and contact details of the Officer from the Complaint Management & Redressal Team assigned to handle the complaint. 7.3 Intimation of Grievance Redressal Process: The Grievance Redressal procedure / process shall be made available on the company website, intranet (for the reference of employees). 7.4 Resolution of Complaint: We shall endeavor to resolve all complaints within 2 weeks from the date of receipt of the complaint. Resolution of the complaint shall be communicated to the customer through or through a written letter. The resolution provided shall be in line with the terms and conditions of the policy. 3 P a g e

4 7.5 Closure of Complaint: A complaint shall be treated as closed, when: a. The Company accedes to the request of the complainant fully. b. Where the complainant indicates in writing, acceptance of the response of the company. c. Where the complainant does not respond to the company within 8 weeks of the company s written response d. Where the Grievance Redressal Officer has certified that the company has discharged its contractual, statutory & regulatory obligations and therefore closed the complaint. 8. Complaints Management System : Exide Life Insurance has implemented an automated complaint management system which is integrated with the IRDAI systems, which enable online registration of complaints, tracking and periodic reporting to authorities. Exide Life Insurance shall also implement systems to receive and deal with calls from prospects and policy holders including voice / Policy Holder Protection Committee: Exide Life Insurance shall have a Policy Holder Protection Committee for protection of Policyholder interests by the adoption of sound and healthy market conduct practices by Exide Life Insurance and to enable IRDAI to assess the governance and market conduct issues with respect to Exide Life Insurance. The Committee shall overlook into the implementation of various customer service guidelines as mandated by various regulatory authorities and also carry out analysis and monitoring activities. 4 P a g e

5 ANNEXURE 1 Handling of Mis-selling Complaints (This document forms a part of the Grievance Redressal Policy Ver 1.0 and must be referred to as part and parcel of this policy.) Policy At Exide Life, we have established an explicit customer focused grievance redressal policy. The Grievance Redressal Policy is available to customers and other interested parties and the following factors are taken into account : any relevant statutory and regulatory requirements; financial, operational and organizational requirements; the input of customers and internal personnel Company specific policy on handling of Misselling Complaints Definition of Misselling : Mis-selling is the practice of an employee/agent or intermediary misrepresenting product or service, offering a product that may not be suitable to, or misleading a customer or prospective customer. Process of handling Misselling related grievances : a. Complaint received from the customer is registered as per the procedures outlined in the Grievance Redressal Policy b. Acknowledge the customer on receipt of the complaint c. Call for an explanation from concerned person/s on the points raised by the complainant in the said complaint d. Where the complaint is duly established as mis-sold basis the facts of case, then provide a solution to customer which could be one of the following: Offer to modify the terms and conditions of the policy to the extent allowed under file and use Offer any other product of the company as per customer s choice Cancellation of the policy and refund of money after deduction of applicable charges e. If misselling is not established, then communicate the following to the customer: Explanation and reasons why it is not concluded as misselling Provide the next course of actions that are available to the customer if the reasoning given is not satisfactory to the complainant f. In addition, suitable action will be initiated against the erring person/s g. Instances of mis-selling are viewed seriously and trends emerging, basis detailed analysis, lessons learnt and actions taken shall be tabled before the Policy Holder Protection Management Committee. Page 1 Ver 1.0

6 ANNEXURE 2 Handling of Spurious Calls (This document forms a part of the Grievance Redressal Policy Ver 1.0 and must be referred to as part and parcel of this policy.) Policy At Exide Life, we have established an explicit customer focused grievance redressal policy. The grievance redressal policy is available to customers and other interested parties and the following factors are taken into account : any relevant statutory and regulatory requirements; financial, operational and organizational requirements; the input of customers and internal personnel Company specific policy on handling of Spurious Calls Definition of Spurious Calling : Unsolicited calls made by persons/entities posing as IRDAI or any other Government official, offering sale of any kind of insurance or financial products or suggesting investment of premiums with various companies. Process of handling Spurious calls related grievances : a. Complaint received from the policy holder is registered as per the Grievance Redressal Policy and customer allegation on spurious call is investigated and resolution is provided within the regulatory guidelines b. The telephone number/s provided by customers are screened against our existing list of employee/ agent or intermediaries. If found matching, a detailed internal investigation will be conducted and suitable action shall be initiated against the person/s involved If not found matching, we update our internal data base of such number/s. Our internal investigation team attempts to conduct a detailed investigation of external parties involved c. Customers are also advised to raise a police complaint locally d. For complaints received from non policy holders, the Grievance Redressal team guides the customer to register a complaint with TRAI and also add the number to their DND list e. Where trends of such instances are found related to a particular geography/parties involved, then the Company shall also initiate suitable actions against the erring parties Page 1 Ver 1.0