M. Raeesuddin Paracha, Federal Insurance Ombudsman (FIO) has assured that his organization would resolve the genuine disputes of business community against the insurance companies to provide them speedy relief. He said this while addressing as the Chief Guest at a one day awareness session on “Dispute Resolution Mechanism” organized by Islamabad Chamber of Commerce and Industry in collaboration with FIO. He said FIO has provided monetary relief of Rs.410 million in 2016 to the aggrieved policyholders.
He said that the gradual awareness about the role of FIO institution was yielding positive results as 120% more cases were lodged during the year 2015 as compared to the previous year while the number of case had increased by 200% in 2016 compared to the previous year. Paracha added that presently FIO was offering its services in Karachi, Lahore and Islamabad and added that more offices were being considered in other cities of the country to provide necessary relief to the aggrieved insurance policyholders.
Dilating upon the prime role of his organization, he said that FIO was addressing disputes of maladministration between Insurance Companies and its policyholders, adding that the mandate of the FIO was to provide free of cost and speedy resolution of grievances within 60 days. He said that in 80% of the cases, verdict was given in favor of the complainants. He stressed that policyholders should carefully read the terms & conditions of insurance policies to avoid rejections of their claims. He briefed about the complaint filing procedure and other available facilities being provided by the FIO office. It was highlighted that the policyholders could file their complaint with FIO by hand, by courier, online or through email.
Speaking at the occasion, Khalid Iqbal Malik, President, Islamabad Chamber of Commerce and Industry appreciated the role of Federal Insurance Ombudsman in providing free of cost and speedy resolution of disputes of policyholders against the insurance companies. He said the existence of FIO institution has provided a sense of protection to the policyholders against the maladministration of insurance companies. He stressed that FIO should enhance its network by opening more offices in major cities of Pakistan so that maximum aggrieved policyholders could benefit from its services.
He said that ICCI would try to create more awareness about the positive role of FIO in business community so that maximum number of policyholders could take benefit of its services. Khalid Malik Senior Vice President ICCI and others also spoke at the occasion and appreciated the role of FIO in providing relief to aggrieved parties in their disputes against the insurance companies.