IRDAI ties insurance CEOs' pay to customer treatment, claims data
Big news for anyone with an insurance policy: IRDAI now wants insurance-company CEOs to earn their compensation based on how well they treat customers.
This means things like settling claims quickly, handling complaints, and renewing policies are part of the overall assessment, alongside financial parameters.
Plus, insurers have to share three years of claims data, so you'll know how often they pay out or reject claims.
Insurers publish commission and premium policies
To make things clearer for everyone, insurers must also publish their commission and premium policies along with past premium hikes.
The idea is to build trust and accountability in the industry.
Still, some critics feel these changes don't fix deeper issues like mis-selling or whether IRDAI can actually enforce the rules.
How much this helps policyholders depends on how seriously companies follow through.