Excelsior Correspondent
SRINAGAR, Mar 3: The Federation of Chambers of Industries Kashmir (FCIK) today demanded revisions to the Bancassurance agreement between Jammu and Kashmir Bank and Bajaj Allianz Insurance Company, stressing the need to prioritise consumer interests.
A spokesperson said FCIK members criticised the current agreement for favouring the bank and insurance company over the welfare of consumers, highlighting the lack of financial protection provided to customers.
He said FCIK emphasised Jammu and Kashmir Bank’s responsibility in guiding customers to select suitable insurance products and services at competitive prices across different insurers. The Chamber expressed disappointment with Bajaj Allianz’s performance, citing regular complaints from constituents regarding delayed and unreasonable settlements.
“The case of Tariq Hassan, an entrepreneur whose business was devastated by fire, exemplifies the challenges faced by consumers. Despite significant losses amounting to Rs 53 lacs, Bajaj Allianz offered a settlement of only Rs 17.44 lacs, sparking frustration and financial strain for the entrepreneur,” he said. He added that FCIK condemned the insurance company’s lack of responsiveness to requests for re-assessment, underscoring the urgency of timely claim settlements.
He said FCIK called for intervention from the Managing Director and CEO of Jammu and Kashmir Bank to address the situation and advocated for a revised agreement with Bajaj Allianz to prioritise customer-friendly approaches.
“The Chamber proposed a time-bound settlement period of one month, beyond which the insurance company would be liable for additional costs, including bank interest. We urged Bajaj Allianz to overhaul its settlement processes to retain its customer base,” he said.
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