Insurance Ombudsman : A Comprehensive Mechanism for Redressal of Public Grievances in Insurance Sector

Grievance is defined as a wrong or immoral suffered, creating grounds for a complaint. In the context of the study, it refers to customer dissatisfaction with a product or service provided by an insurance company. Focus on grievance redressal in insurance services and concentrates on the role of the insurance ombudsman in addressing policyholder grievances in India. It tries to acknowledge the challenges of handling a large volume of insurance transactions and a substantial customer base. Recognizes that the sheer size of the insurance market leads to a growing number of policyholder grievances for every insurance company. The paper relies on secondary data obtained from the IRDA (Insurance Regulatory and Development Authority of India) and draws upon research papers from various journals. It highlights the crucial role of the insurance ombudsman in grievance management, notes a constant increase in the number of complaints received by various ombudsmen across India. In conclusion, the study underscores the importance of effective grievance management in the insurance sector and emphasizes the positive impact of the insurance ombudsman in building confidence and trust among policyholders.

Keywords:
Insurance Ombudsman, Public grievances, Insurance,