12 June, 2011
Chennai, July 12, 2011: Royal Sundaram Alliance Insurance Company Limited (www.royalsundaram.in), the first private sector general insurance company in India to be licensed, announced its integration with IRDA's centralized grievance redress mechanism, Integrated Grievances Management System. Guided by Company's philosophy of customer service brilliance, this move will create a standard platform with evolved touch points, facilitating policyholders seeking remedial information. The integration of Royal Sundaram in IGMS will allow policyholders to register and track their concerns or complaints online with the Company, Regulator or either place.
From the very beginning, backed with the expertise from RSA and Sundaram Finance Group, Royal Sundaram evolved a multiple level grievance matrix. The Company has been ensuring customer experience and engagement by having an independent grievance cell linked with its website, 24x7 customer service number and even branches. Royal Sundaram has developed processes to actively engage with policyholders through blogging website, iTalk, and also through Facebook, Twitter and other social media presence.
Ajay Bimbhet, Managing Director says, "We at Royal Sundaram vouch for quality customer service and believe it to be the key growth driver of profitable business. Integration to the IGMS now, has our full interest, as we view customer grievances as an opportunity to bring operations and management practices in line with our philosophy of customer service brilliance. Company's advancement will allow it to service wider audiences."
IGMS will have a uniform input form as specified by the Authority. Insurers shall respond to the grievances of the policyholders within two weeks.
Speaking on the IGMS system, Ajay further added, "This is a progressive regulatory step in the interest of policyholders. IGMS is a standard platform to all insurers to resolve policyholder grievances and enables all the stakeholders to analyze data on complaints and make systematic changes whenever required. It will bring more transparency in the whole system."
The regulator made it mandatory for all insurance companies to set up infrastructure which would comply with the grievance settlement procedures.
About Royal SundaramRoyal Sundaram Alliance Insurance Company Limited is a joint venture between Sundaram Finance and RSA Insurance plc, UK, where the former holds 74% and the latter holds 26% of the equity. Royal Sundaram is the first private non-life Insurance Company licensed to operate in India.
Royal Sundaram offers a range of innovative general Insurance products which includes Motor, Health, Personal Accident, Home and Travel Insurance for individual customers. The Company's Accident & Health claims process received ISO 9001-2008 certification for effective customer service delivery. For Commercial clients, Royal Sundaram offers a wide range of specialised insurance covers in Fire, Marine, Engineering, Liability and Business Interruption risks. Royal Sundaram also offers specially designed products to the Small and Medium enterprises and Rural customers. Royal Sundaram currently has over 5 million customers, over 1700 employees and its products are distributed in over 180 cities across India, through Agents, Distribution Partners, Affinity Partners and Brokers.
About Sundaram Finance Sundaram Finance, a Non-Banking Finance Company, is one of the most respected financial services companies in India. It finances the entire range of commercial vehicles, passenger cars, construction equipment & tractors. The Group''''s operations also extend to Insurance, Asset Management, Home loans, Business Process outsourcing and Infotech Solutions. Sundaram Finance has a nationwide presence with over 500 branches and over half a million customers and depositors who are serviced by over 2500 employees. Sundaram Direct, its retail distribution arm offers multiple choices of various financial products like, loans, life & general insurance, mutual funds, deposits etc., to its customers through out India.
About RSA With a 300 year heritage, RSA is one of the world's leading multinational quoted insurance groups. It has the capability to write business in over 130 countries and major operations in the UK, Scandinavia, Canada, Ireland, Asia and the Middle East, Latin America and Central and Eastern Europe. Focusing on general insurance, it has around 23,000 employees and, in 2010, its net written premiums were £7.5 billion.
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