Coimbatore Insurance Insitute Annual Day Celebrations

K. Sridhar, Insurance Ombudsman, speaking at the annual day celebrations of the Coimbatore Insurance Institute on Saturday. The office of the Insurance Ombudsman has received nearly 1,300 cases this year, of which 1,280 have been resolved, said K. Sridhar, Insurance Ombudsman in Chennai, here on Saturday.

He was speaking at the Annual Day and 44th Annual General Body meeting of the Coimbatore Insurance Institute. Explaining the role of Ombudsman in an open market situation, Mr. Sridhar said that the office also had constraints wherein it was bound to dispose off complaints in 90 days. For any complaint kept beyond 90 days, the Ombudsman office had to have a justification for the delay. In certain cases that required consultation with an advocate or a doctor, there could be a delay, he said.

Generally, complaints used to be regarding refusal to entertain claims, he said. The Ombudsman office was, of late, receiving complaints relating to breach of law. For instance, three people getting killed while riding a two-wheeler and the issue of which pillion rider should be given the claim. The latest breach of law case was whether to settle a claim in respect of a two-wheeler rider who was not wearing a helmet since the law insisted on a helmet. He also exhorted the insurance companies especially the private sector players to equip themselves with the technical knowhow in issues concerning the insurance industry and claim settlement.

Non-functioning of the Controller of Insurance at Shimla and the courts to resolve insurance related issues led to the opening up of the market with private players. Lauding the concept of Ombudsman, Mr. Sridhar said that failure of the courts to ensure timely justice and the cost involved shifted people’s focus towards consumer forums. Even the forums had not played a vital role in insurance cases since it also became a part of the legal malady.So, the Ombudsman office was a shoulder for the affected person to lean on. With more private players in the insurance industry, Mr. Sridhar said that the insurance sector was proving to be a highly evolving industry.

He asked the public sector insurance companies to play a crucial role in the open market to sustain their market share. Mr.Sridhar said that the insurance firms should focus on gaining integrity, cutting cost through centralisation and take care of employees equal to that of customers. Chairman of the Insurance Institute, R. Palanisamy and G.D. Gnanadurai took part.

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