IGMS Full Form in Insurance

IGMS Full Form: What Does IGMS Stand for in Insurance?

IGMS Full Form in Insurance is The Integrated Grievance Management System. IGMS, introduced by IRDAI in 2010, plays a vital role in the insurance industry by handling policyholder grievances. By centralizing grievance data across the industry, IGMS facilitates faster complaint processing and improves market conduct oversight.

Utility of IGMS

IGMS serves as a crucial tool for IRDAI’s grievance redressal monitoring. It allows policyholders to file complaints online, initially through their insurer’s Grievance Redress Channel. If direct resolution isn’t possible, IGMS provides a platform for escalating issues to insurers. One of IGMS’s strengths is its comprehensive approach, offering policyholders unified online access and enabling IRDAI to monitor market behavior based on complaints. Standardized complaint categories ensure a structured and coordinated grievance resolution process.

Proper Tracking

IGMS enhances tracking and monitoring by assigning a unique complaint ID to each case. It sets and monitors turnaround time (TAT) targets for resolution of complaints. The system’s rule-based workflows automatically trigger necessary actions at the right time, ensuring quick and systematic resolution.

Timely Alerts

IGMS proactively alerts stakeholders when tasks approach their turnaround time. This feature helps expedite issue resolution, improving the responsiveness of the grievance resolution system. Integration with both the insurer’s internal system and IRDAI facilitates easier updates on complaint statuses. This linkage ensures transparency and consistency in monitoring industry grievance resolution.

Conclusion

IGMS streamlines the grievance resolution process for insurers and enables IRDAI to effectively monitor and evaluate grievance redress systems. By promoting transparency, efficiency, and accountability, IGMS helps make India’s insurance industry more customer-centric and well-regulated.

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