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The Economic Times

Business

Anshika Jain

Claim settlement and grievance redressal related performance will determine the incentives of top executives of insurance companies: IRDA

IRDAI Insurance

Delayed claim settlements, unresolved complaints, and subpar customer service have long been ongoing issues in the insurance sector, despite policyholders paying premiums for years.

Now, in a significant move focused on policyholders, the Insurance Regulatory and Development Authority of India (IRDAI) has linked the pay and incentives of top insurance company executives to parameters such as claim settlement responsiveness, grievance redressal, and product performance.

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