India's insurance regulator on Wednesday asked the industry to make a concerted effort to rectify pricing anomalies of customer policies by undertaking a scientific analysis of claims.
Insurance Regulatory and Development Authority of India (IRDAI) senior joint director Suresh Mathur said the companies needed to rectify the "aberrations" through adequate pricing "based on scientific analysis of claims".
"This is one area where the insurance companies need to make a concerted effort. We would be happy if the industry takes a look into this on its own though we monitor as a regulator," he said.
He felt the insurance industry should meet penetrations targets and widen their service capabilities while seeing to it that there was some discipline and grace in the overall functioning of the sector.
Managing Director and Chief Executive Officer of Bajaj Allianz Life Insurance Anuj Agarwal said customer experience was becoming difficult day by day, and that 'Know Your Customer' application involved a troublesome procedure.
"The private insurance companies should try to link up the mobile number with the accounts. Insurance policy is sacrosanct and they should look from the customer's point of view," he said at a seminar "Indian Insurance Industry: Road Ahead" organised by the Bengal Chamber of Commerce and Industry.
