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Reliance General Insurance Records 30% Drop in Consumer Complaints

Reliance General Insurance (RGI) said it has reduced the number of consumer complaints by over 30%. Mr. Rakesh Jain, Chief Executive, RGI, said, “Things like NEFT transfers, automated approval systems, use of mobile platforms and direct access to track settlement process on websites are some of the initiatives which have helped us in reducing the number of complaints.”

A part of Anil Ambani led Reliance, RGI has registered a lowest number of complaints among private non-life insurance companies during the period ended on December 2014 (see the table below).  Also the complaint ratio of RGI was 41 complaints per 1 lakh policy sold, which was the lowest number during the period ended December 2014. The complaint ratio is the total number of complaints as compared to the number of policies sold by each private non-life insurer. 

The table below shows the number of complaints registered by different insurers during the nine-month period, ended on December 2014

Name of the Insurer

Number of Complaints

Reliance General Insurance

1,354

HDFC Ergo

1,467

IFFCO Tokio

1,799

Tata AIG

3,086

Royal Sundaram

3,566

ICICI Lombard

4,561

Bajaj Allianz

4,526

 

According to IRDA regulations, it is mandatory for all insurers to disclose the number of consumer complaints on a quarterly basis and uploaded the same on their websites. Complaints related to claim and policy account for only 40% of the total complaints. It is then followed by other complaints related to coverage, premium, cover note and proposal.

Source: This news was published on June 21, 2015 in economictimes.indiatimes.com under the title: Reliance General Insurance says it has reduced its complaints by over 30 per cent.