| Address: | Hyderabad, Andhra Pradesh |
regulators like IRDA are useless as far as protecting consumer interests .
so far mis - selling has been rampant among all insurance companies .
The I R D A , has done little to prevent such mis-selling .
as far as the customer are concerned IRDA is useless .
the approach of the irda has been reactive rather than pro-active .
they wait for a consumer to complain for something illegal done by an insurance company .
REGULATOR need to be PRO - ACTIVE , and prevent from such compalints coming in the first place . .
IRDA should be doing surprise checks , audits of insurance company .
Instead it waits for the mis - selling to happen and then only acts when the customer complain comes .
The INSURANCE COMPANIES are very happy with this situation as they know , that only about 20 % customers are aware of consumer rights .
And among these 2 0 % customer , only about 2 % ultimately go on to complain . .
The other customers simply dont have the time and energy to go on with the lonag process of COMPLAINING .
Has the IRDA ever made any SURPRISE CHECK or AUDITING ? ?
We all know that PREVENTION IS BETTER THAN CURE ! !
IRDA officials does not seem to know this or thinks otherwise . .
They wait for the illness to happen and then as the person to go for treatment ! !
prevention is better than cure !
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