Key Takeaways
- SECP recommends increasing Insurance Tribunals and SDRCs.
- An integrated digital complaint system will be established.
- Aims to improve resolution of policyholders' grievances nationwide.
The Securities and Exchange Commission of Pakistan (SECP) has proposed several measures to strengthen the redressal of insurance grievances, aiming to improve the experience for policyholders across the country.
According to the SECP, the recommendations include increasing the number of Insurance Tribunals and Small Dispute Resolution Committees (SDRCs). These bodies will play a crucial role in resolving disputes more efficiently and effectively.
In addition, the SECP has proposed the establishment of an integrated digital complaint system. This system is designed to streamline the process of filing and resolving complaints, making it more accessible and user-friendly for policyholders.
The measures are part of a broader initiative to enhance the overall grievance redressal mechanism in the insurance sector. The SECP believes that these steps will significantly improve the resolution of policyholders' grievances nationwide.
The recommendations were made during a recent meeting where SECP officials discussed the current challenges faced by policyholders and the need for a more robust and efficient grievance redressal system.
The integrated digital complaint system will allow policyholders to file complaints online, track their progress, and receive updates in real-time. This will not only reduce the time taken to resolve disputes but also ensure transparency and accountability.
The SECP has emphasized the importance of these measures in building trust and confidence among policyholders. By providing a more streamlined and efficient grievance redressal process, the SECP aims to enhance the overall satisfaction of policyholders.
The proposed measures are expected to have a significant impact on the insurance sector, ensuring that policyholders receive timely and effective redressal of their grievances.
