Health insurance companies, middlemen, and agents are now required to provide policyholders with a document known as the customer information sheet (CIS), according to a recent circular by the Insurance Regulatory and Development Authority of India (IRDAI). This sheet is designed to address common customer queries and help policyholders better understand their policy benefits and limitations. It is crucial that policyholders know where to find the CIS so they can refer to it whenever they need clarification on their policy.
The CIS should be easily understandable and available in the policyholder’s local language if requested. It must also have a minimum font size of 12 (in Arial) or larger to ensure readability. Additionally, all information on the sheet must be accurately filled in.
“This initiative brings much-needed transparency from the customer’s perspective,” says Bhaskar Nerurkar, head of the health administration team at Bajaj Allianz General Insurance. “The CIS presents all the necessary information in a simple, tabular form.” This format is beneficial, especially when policy wordings often contain technical jargon and legal language that can be challenging for customers to comprehend.
Dr. S. Prakash, chairperson of the Health Committee at the General Insurance Council, agrees that the CIS is an important tool in speeding up claims processing. “It can be very handy and prevent any delays during claim processing,” he says.
Bhabatosh Mishra, director of claims, underwriting, and product at Niva Bupa, a health insurance company, emphasizes the significance of an easy-to-understand CIS. “It helps address customer queries and ensures better comprehension of policy benefits and limitations, leaving no room for confusion,” Mishra explains.
To ensure easy access to the necessary information, policyholders should receive a note with the main policy document, informing them of where to find the CIS. This accessibility guarantees that customers fully understand their insurance policies and have all the information they need. In case of any queries or doubts, policyholders can seek assistance from the intermediary or contact the customer support team of their health insurance company, according to Dr. S. Prakash.
By providing policyholders with a comprehensive and simplified customer information sheet, health insurance companies aim to improve transparency, reduce confusion, and enhance the overall customer experience.
I have over 10 years of experience in the cryptocurrency industry and I have been on the list of the top authors on LinkedIn for the past 5 years. I have a wealth of knowledge to share with my readers, and my goal is to help them navigate the ever-changing world of cryptocurrencies.
