Grievance Policy

1. Grievance Redressal Framework

Objective

The objective of this Grievance Redressal Policy (hereinafter “Policy”) is to establish a comprehensive complaint handling framework at Finofin Insurance and Advisory Services Pvt. Ltd. (“Finofin” or “Company”), ensuring timely, fair, and transparent resolution of customer grievances in compliance with IRDAI (Protection of Policyholders’ Interests) Regulations, 2017 and other applicable laws.

Purpose

The purpose of this Policy is to define principles, processes, and responsibilities for effective grievance handling, safeguard customer rights, reduce risks arising from complaints, and strengthen customer trust in the Company’s insurance broking services.

The framework for grievance Redressal at Finofin Insurance and Advisory Services Pvt. Ltd will comprise of the following dimensions:

A. Definitions

• “Grievance/complaint” shall mean any communication that expresses dissatisfaction about an action or lack of action, about the standard of service/deficiency or service on part of the company and/or asks for remedial action.
• “Inquiry” shall mean any communication from the customer for the primary purpose of requesting information about a company and/or its services.
• “Request” shall mean any communication from a customer soliciting a service such as a change or modification in the policy.
• “Complainant” shall mean any policyholder (including legal heirs, assigns, or legal representative) who reports a grievance to the company.

B. Registration of customer grievances at various touch points:

The touch point & mode of receipt of the customer grievance is as under:

C. Grievance Redressal system/procedure

Direct from Customers:The process for addressing the grievance that approaches directly to the company will be:

• All grievances will be received at support@jumpp.insure or at our corporate office of the Company.
• All grievances will be given a written acknowledgement within 24 hours and in extreme circumstances should not be more than 48 hours from the time of receipt.
• All grievances will be answered/acknowledged to customer by Grievance officer either through a letter, e-mail or telephonically.
• Grievance Redressal team will provide an acceptable resolution to the grievances received within 14 working days. The TAT in some exceptional cases may get extended depending upon the severity of the grievance.
• Post receipt of the grievance team will get in touch with the customer and try to understand and resolve his/her grievance in the best possible manner after looking at all the facts. In case customer is not satisfied, Grievance team will investigate the case.
• Post receiving the grievance detailed investigation to be carried out with the help of principal company and customer to furnish further details and arrive to an outcome. Final report is submitted to the concerned based on the source of grievance.
• During investigation the team will keep an eye on PIVC recording (if available) for the respective case to verify the concerns/allegations raised by customer.
• In case discrepancy is found post investigation, necessary communication will be sent to insurance company to process the case for refund. In addition, a designated plan i.e. AAP (Assertive action plan) for actions to be taken. If no discrepancy is found, necessary communication will be made to insurance company to decline the customer request for policy cancellation. PIVC recording, if available, will also be shared with the insurance company as support.

From Insurance Company:The process followed for addressing the same is as below:

• All grievances will be received at our email ID support@jumpp.insure.
• All the grievances received will be given an acknowledgement letter through letter or Email within 24 hours and in extreme circumstances should not be more than 48 hours from the time of receipt of grievance. Grievance Redressal team will provide an acceptable resolution to the grievances received within 14 working days. The TAT in some exceptional cases may get extended depending upon the severity of the grievance.
• Post receipt of the grievance, Grievance team will get in touch with the customer and try to understand and resolve his/her grievance in the best possible manner after looking at all the facts. In case customer is not satisfied, Grievance team will investigate the case.
• Post receiving the grievance detailed investigation to be carried out with the help of principal company and customer to furnish further details and arrive to an outcome. Final report is submitted to the concerned based on the source of grievance.
• During investigation the team will keep an eye on PIVC recording (if available) for the respective case to verify the concerns/allegations raised by customer.
• In case discrepancy is found post investigation, necessary communication will be sent to insurance company to process the case for refund. In addition, a designated plan i.e. AAP (Assertive action plan) for actions to be taken. If no discrepancy is found, necessary communication will be made to insurance company to decline the customer request for policy cancellation. PIVC recording, if available, will also be shared with the insurance company as support.
  

D. Escalation Matrix

Escalation Matrix for Insurance Company/Policyholder:

In case the insurance company / policyholder feels that they are not getting any revert from our end within the defined TAT, following escalation matrix needs to be followed:

C. Grievance Redressal Committee

The Company will also form a Grievance Redressal committee which will ensure that the company follows this policy. The committee will meet once a quarter to review the status of grievance disposal.

The responsibilities of the Grievance redressal committee shall be:

• Putting in place proper procedures and effective mechanism to address grievances and grievances of policyholders including mis-selling, forgery, and documents tampered etc.
• Ensure compliance with the statutory requirements as laid down in the regulatory framework.
• Review of the mechanism at periodic intervals.
• Provide the details of grievances at periodic intervals in such format as may be prescribed by the authority.

Composition of the Grievance Redressal Committee will be as follows:

• Manager, Grievance Team
• Grievance Officer
• Director & Principal Officer

2. Classification of Grievances

• Grievances falling under the following categories would be considered as Fraudulent Grievances

  • Offering of Bonus
  • Linkage with Previous Policies
  • One Time Investment (if it’s not a one Time Investment Policy)
  • Offer of Gifts/Discounts
  • Signature Forgery
  • Offer of Mediclaim policy Any Other Mis-commitment
  • Guaranteed Returns in ULIP Plan

• Grievances falling under the following categories would be considered as Serious Grievances

  • Exaggerated Insurance Cover
  • Mode Issues
  • Does not agree with terms and conditions
  • Personal Issue (Fund Issue or Personal)
  • Plan Term Issue
  • Service Issues (Service or Document Related)
  • Pension which is not as per standard product specifications
  • Reduced Interests on Loan and Loan against a ULIP plan
  • Riders – If it’s not a standard feature of the Plan.
  • Tie-up between two unrelated insurance Companies

3. Time frame for resolving Grievances

The company shall resolve all grievance s within the time frame of 14 days or as prescribed by Regulator from time to time.

4. Proactive steps taken to reduce Grievances

The company shall initiate proactive steps to ensure reduction in the incidents leading to the customer grievances. This shall include:

• Continuous improvements of sales process by enhancing internal controls.
• Steps towards timely & accurate servicing.
• Further enhancement of the PIVC.

5. Actions Taken

A committee comprising of Grievance officer, Head – HR and Principal Officer, will take appropriate action against the employees who are found to be guilty. The punishment will be decided basis severity of individual case and may vary from verbal/written warning to termination. The actions taken in this regard will be presented to Grievance redressal committee on monthly basis.

Annexure

Assertive Action Plan

• Every mis-selling of the Fraud and Very High Severity will be counted as 1 instance for the purpose of Actions to be taken.
• Every 2 mis-selling instances of the High Severity will be counted as 1 instance for the purpose of Actions to be taken.

• Action will be taken against any Team Coordinator / Team Leader indulging in Mis-Selling.

Annexure - 1

Assertive Action Plan for Mis-Selling