What is the Full Form of IGMS in Insurance?

The IGMS Full Form in Insurance is Integrated Grievance Management System. The 2010 IRDAI Integrated Grievance Management System (IGMS) is a crucial insurance industry tool for policyholder grievances. Centralizing industry-wide insurance grievance data lets IGMS speed complaint processing and enhance market conduct monitoring.

Utility of IGMS:

IRDAI’s grievance redress monitoring tool, IGMS, lets policyholders complain online. Policyholders must first contact their insurer’s Grievance Redress Channel. IGMS lets customers escalate problems to insurers when direct interaction may not be possible. A key strength of IGMS is its comprehensiveness. It enables policyholders unified and online access and allows IRDAI to monitor market behavior problems using policyholder complaints. Standardized complaint types provide a structured and coordinated grievance resolution procedure.

Proper Tracking:

Tracking and monitoring are upgraded using IGMS. This system assigns, maintains, and monitors each complaint’s unique complaint ID. It sets and monitors complaint resolution Target Turnaround Times (TATs) for all complaints. IGMS rule-based workflows automatically engage activities at the proper time for quick, systematic resolution.

Timely Alerts:

IGMS alerts for tasks nearing Turnaround Time are proactive. This feature encourages stakeholders to resolve issues immediately, enhancing grievance resolution system responsiveness. IGMS integration with the insurer’s system and IRDAI makes complaint status updates easier. An insurer’s internal system and the central IRDAI repository record IGMS complaints. Industry grievance resolution monitoring is open and consistent with this link.

Conclusion:

IGMS unifies insurer policyholder grievance resolution. It also empowers IRDAI to monitor and assess insurer grievance redress systems. IGMS promotes transparency, efficiency, and accountability in India’s insurance industry to make it customer-focused and well-regulated.