IMPACT OF POOR CLAIM SETTLEMENT ON THE DEMAND FOR INSURANCE
- Project Research
- 1-5 Chapters
- Abstract : Available
- Table of Content: Available
- Reference Style: APA
- Recommended for : Student Researchers
- NGN 5000
ABSTRACT
Claims settlement, which dates as far back as the history of insurance, is the only reason the consumer (insured) buys an insurance product. The fast administration of Claims is therefore not only a legal obligation of an insurance firm, but a strong public relations and marketing strategy. The response to claims has rather been poor in Nigeria and this is of great concern, since a thriving economy depends to a large extent on the guarantees and assurances received from insurance companies.
This research investigated the trends in the company’s (Corner Stone Insurance PLC) claims settlement system and its effect on the sales and marketing of its insurance products. The objectives of the research was to; (1) Review current literature on marketing vis a vis literature on claims, (2) Determined the meaning of the word “Poor” from company’s point of view. (3) Established the relationship between the poor claims settlement and customer repurchase of insurance, (4) Examined the company’s perception of existing trends of claims settlement system in the company.
Data collection was conducted by administering questionnaires to both customers and staff of the company. The results obtained from the data collection were cross tabulated and subjected to descriptive analysis. The results obtained established the fact that prompt and satisfactory claims payment had positive effects on the sales and marketing of insurance products and vice versa.
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