IGMS Full Form in Insurance is Integrated Grievance Management System. The Integrated Grievance Management System, introduced by the Insurance Regulatory and Development Authority of India (IRDAI) in 2010, is a vital tool for addressing policyholder grievances in the insurance industry. By centralizing grievance data across the industry, IGMS facilitates faster processing of complaints and enhances the monitoring of market conduct.

Utility of IGMS

IGMS, IRDAI’s grievance redressal tool, allows policyholders to file complaints online. Initially, policyholders are expected to reach out to their insurer’s Grievance Redress Channel. If direct resolution is not possible, IGMS enables customers to escalate their issues to insurers. One of IGMS’s key strengths is its comprehensive approach, providing policyholders with unified, online access and allowing IRDAI to monitor market behavior issues based on policyholder complaints. The system standardizes complaint types, leading to a more structured and coordinated grievance resolution process.

Proper Tracking

IGMS enhances tracking and monitoring of complaints. Each complaint is assigned a unique ID, which is maintained and monitored throughout the process. The system sets and tracks Target Turnaround Times (TATs) for complaint resolution. Rule-based workflows within IGMS automatically trigger necessary actions at the appropriate times to ensure systematic and prompt resolution.

Timely Alerts

IGMS proactively alerts stakeholders about tasks approaching their Turnaround Time. This feature encourages timely resolution of issues, improving the responsiveness of the grievance resolution system. The integration of IGMS with both the insurer’s system and IRDAI’s central repository simplifies the process of updating complaint statuses. This linkage ensures that grievance resolution monitoring is transparent and consistent across the industry.

Conclusion

IGMS streamlines the resolution of policyholder grievances and empowers IRDAI to oversee and evaluate insurer grievance redress systems. By promoting transparency, efficiency, and accountability, IGMS contributes to making the insurance industry in India more customer-focused and well-regulated.