Irdai directs insurers to share status of claims with policyholders

The consent of policyholders has to be obtained by insurance companies for notifying the services rendered by the insurers and no other unsolicited information can be sent to the policyholders

The insurance regulator has directed insurers to share status of claims at various stages of their processing to ensure a fair and transparent claim settlement process. This has to be implemented by the insurers from July 1, 2019.

“When it comes to claims, there is a need to make available a tracking mechanism for policyholders so as to enable them to know the status of their claims,” the Irdai said on Wednesday.

In case of health insurance claims, where third party administrators (TPAs) are involved in rendering claims services, the insurance companies have to make sure that status of claims