IRDAI asks for effort to rectify pricing anomalies of customer policies
India's insurance regulator on Wednesday asked the industry to make a concerted effort to rectify pricing anomalies of customer policies by undertaking a scientific analysis of claims.
 
Insurance Regulatory and Development Authority of India (IRDAI) senior joint director Suresh Mathur said the companies needed to rectify the "aberrations" through adequate pricing "based on scientific analysis of claims".
 
"This is one area where the insurance companies need to make a concerted effort. We would be happy if the industry takes a look into this on its own though we monitor as a regulator," he said.
 
He felt the insurance industry should meet penetrations targets and widen their service capabilities while seeing to it that there was some discipline and grace in the overall functioning of the sector.
 
Managing Director and Chief Executive Officer of Bajaj Allianz Life Insurance Anuj Agarwal said customer experience was becoming difficult day by day, and that 'Know Your Customer' application involved a troublesome procedure.
 
"The private insurance companies should try to link up the mobile number with the accounts. Insurance policy is sacrosanct and they should look from the customer's point of view," he said at a seminar "Indian Insurance Industry: Road Ahead" organised by the Bengal Chamber of Commerce and Industry.

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Mystery man seeks details of Thackeray Will dispute from HC
Justice Gautam Patel of the Bombay High Court has expressed shock and displeasure after an unidentified person visited his chamber seeking copies of the evidence recorded in the ongoing dispute over the will of late Shiv Sena chief Bal Thackeray.
 
Justice Patel is hearing a suit filed by Jaidev Thackeray challenging the will of his father on the grounds that Bal Thackeray was of unsound mind and that Jaidev's brother Uddhav Thackeray had influenced him.
 
"Four times this person has come to my chamber. He comes asking for the notes of evidence recorded, saying he is from Sarnaik's office. My staff is also rattled. I don't know who he is collecting it for and for what purpose," Justice Patel told the Thackeray brothers' lawyers Seema Sarnaik and Rajesh Shah.
 
The judge wondered whether it was to gain political mileage or something else and wanted an end to it.
 
Jaidev's lawyer Sarnaik and Uddhav's counsel Shah assured the court that henceforth, they would issue a letter with the names of their junior lawyers who would come to collect the evidence, which should be handed over only after verifying their identity cards.
 
Meanwhile, in the ongoing will dispute, the court will record the evidence of senior party leader Anil Parab on June 30.
 
Earlier, the evidence of Lilavati Hospital doctor Jaleel Parkar, who treated Thackeray regularly in 2007-end, was recorded.
 
Jaidev has challenged the will of December 13, 2011 in which his father Thackeray left nothing for him.
 
Thackeray died on November 17, 2012 in Mumbai, bequeathing a major chunk of his estate to Uddhav.

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