The Insurance Regulatory Authority (IRA). [Photo/business daily]New data by the industry regulator has shown that complaints against insurance firms doubled in 2016, piling pressure on players to improve their business operations and enhance transparency.1,080 complaints were filed against insurance companies last year, up from 460 in 2015, an equivalent of a 135 percent jump this is according to The Insurance Regulatory Authority (IRA).The regulator said in an industry report for 2016 “The complaints related to the delayed settlement of claims, underpayment of claims, declined claims and misspelling of insurance products”.Out of the total complaints received, 60 per cent were against general insurers while 40 percent were against long-term insurers.However, the IRA said about 70 percent of the grievances were resolved even as it vowed to carry on with a campaign to ensure fair treatment of customers under an initiative known as “Treating Customers Fairly Framework”.In addition, the regulator said, “Under the framework, the industry is expected to demonstrate with evidence that they have treated their customers fairly. A self-assessment tool was designed to enable industry players to assess and improve on how they treat their customers”.

Is there a story unfolding in your community? Let Hivisasa know