Grievance Redressal Policy

Introduction

Finhaat Insurance Broking Private Limited (hereinafter referred as “Finhaat”) believes that excellence in customer service is one of the most important tools for sustained business growth. Therefore, the company follows a philosophy of providing resolution of the customers’ complaints/grievances in a manner that effectively resolves their complaints to their satisfaction.

Objective

The objective of this policy is to provide efficient & effective grievance redressal mechanism to policyholders, nominees and other persons claiming under policies distributed by Finhaat and has been formulated taking into account the following considerations:

Complaints raised by customers are dealt with courtesy and on time. Customers are treated fairly at all times.
Complete transparency is maintained with the customers.
All complaints are dealt with efficiency and fairness.
Customers are fully informed about avenues to escalate their complaints / grievances within the organization.
Customers are informed about their rights to alternative remedy if they are not fully satisfied with the response of Finhaat to their complaints. Recognize that our quality and business goals go hand-in-hand and to have continual improvement of the customer complaint handling process through the use of various tools and information technology available for business process improvement.

Scope

The policy shall cover all the complaints/grievances received from the policy holders or their nominees, beneficiaries or authorized persons (with the written consent of the concerned policy owners). Finhaat will not accept any complaint from a third party or agency acting on behalf of the customer unless we have written consent from the policy holder.

Grievances received from consumer forums or ombudsman office or court will be dealt separately by Finhaat’s legal team.

Inquiry or Request are not covered under this policy.

Definitions

“Complainant” means a policyholder or prospect or any beneficiary of an insurance policy who has filed a complaint or grievance against the insurer or Finhaat.

“Complaint” or “Grievance” means written expression (includes a communication in the form of electronic mail or other electronic scripts), if dissatisfaction by a complainant with insurer, Finhaat or other regulated entities about an action or lack of action about the standard of service or deficiency of service of such insurer, Finhaat or other regulated entities

Explanation – An inquiry or request would not fall within the definition of the complaint or grievance.

An Inquiry and Request would mean the following:

An “Inquiry” is defined as any communication from a customer for the primary purpose of requesting information about a company and/or its services.

A “Request” is defined as any communication from a customer soliciting a service such as a change or modification in the policy

Complaint Redressal Process

If you have a grievance that you wish to redress, you may contact us with the details of your grievance through any of the following channels:

Step 1: Channel for communication

Email: complaints@finhaatinsurance.com or
Letter: Grievance Officer, Finhaat Insurance Broking Private Limited, address

Step 2: Process for addressing the queries

All grievances which are received electronically will be acknowledged within 24 working hours of the receipt of the complaint.
All physical letters by courier will be answered within 14 days from the date of receipt.
All grievances from walk in customers and through the contact centre will be acknowledged immediately and a log shall be maintained in this regard.

Step 3: Escalation Matrix

If a client is not satisfied with the resolution provided through any of the channels, the client has the option to escalate the issue to a higher level, as per the escalation matrix given underneath

Level 1: In case the customer is not satisfied with the decision or has not received any response withing 14 working days, he/she may escalate the matter to the Grievance Redressal Officer, at gro@finhaatinsurance.com.
Level 2: If still not satisfied after level 1, please escalate the matter to the compliance Officer at compliance@finhaatinsurance.com
Level 3: If after having followed Level 1 and Level 2, your issue remains unsolved, you may approach The Insurance Regulatory Development Authority of India (IRDAI) at http://www.policyholder.gov.in/report.aspx# or Ombudsman at http://www.ecoi.co.in/procedure.html respectively,

Step 4: Resolution of Grievances

Finhaat endeavours to resolve all grievances to the satisfaction of their customers. In order to ensure fair resolution for the customers, the Regulator has set conditions for treating the grievances as closed. As per IRDAI regulations, a grievance shall be considered as disposed-off and resolved:

When Finhaat has acceded to the request of the complainant fully. or  Where the complainant has indicated in writing, acceptance of the response of Finhaat. or
Where the complainant has not responded to Finhaat within 8 weeks of Finhaat’s written response.

Grievance Officer at Finhaat branches

The branch head will be the Grievance Officer for the particular branch. The complaint should be made in writing, duly signed by the complainant or by his/her legal heirs, with full details of the complaint and the contact information of complainant.

MIS

Finhaat will maintain an updated complaints register as per the prescribed format for review by all internal/external stakeholders.