Bharti AXA Moves to Protect Indian Consumersby Opinion Express February 14, 2019 0 comments
The Bharti AXA Life Insurance, a joint venture between Bharti Enterprises, one of India’s leading business groups, and AXA, one of the world’s largest insurance companies, has embarked upon a public awareness drive to fight against spurious calling and mis-selling that is rampant across India.
Misselling refers to certain unfair business and sales practices in which products or services are deliberately misrepresented or customers are misled about their suitability. Spurious calling refers to the activities of conartists who contact people posing as employees of insurance firms and allure them to buy policies through fake offers and higher returns.
“Misselling and spurious calling have become a significant problem in the domestic insurance industry. As a responsible insurance company, we have a zero tolerance policy towards misselling or any illegitimate inducements. Our sales teams help customers take an informed decision on the back of full product and services disclosures. Besides, we have also set up all required checks and balances to address the concerns and issues of customers at utmost priority,” said Vikas Seth, the managing director and chief executive officer, Bharti AXA Life Insurance.
According to Seth, the company is fighting the increasing incidences of misselling and frauds on two fronts. “Firstly, we are making policy holders and customers alert and aware through our public awareness programmes, and also informing them about the modus operandi and modus vivendi of perpetrators involved and spurious callers, who lure people through misleading information and bogus offers. Secondly, we are registering complaints with the police wherever it is required and seeking their assistance to act against these offenders,” added Seth.
The company is also organising customer care camps and programmes across all its branches in the country on regular intervals for sensitising insurance buyers against misleading offers and gains. It has also set up a pre-issuance video verification call system to help customers understand the terms and benefits of the insurance policy and empower them to take an informed decision.
The company’s chief operating officer, Ishita Mukherjee added, “It is our endeavor to ensure that customers are provided with adequate information required to take a well-informed decision. We have taken several steps, including policy on-boarding stage, post-issuance call for welcoming policy holders and formation of grievance redressal cell, during the policy life cycle to reduce misselling.”
Writer & Courtesy: Pioneer