Improvement of non-motor claims processing of a non-life insurance company

Date of Publication

2017

Document Type

Master's Thesis

Degree Name

Master of Business Administration

College

Ramon V. Del Rosario College of Business

Department/Unit

Decision Sciences and Innovation

Thesis Adviser

Jaime T. Cempron

Defense Panel Chair

Raymund B. Habaradas

Defense Panel Member

Reynaldo A. Bautista, Jr.
Rachel A. Quero
Maria Victoria P. Tibon
Brian C. Gozun

Abstract/Summary

Settling insurance claims is just one aspect of the claims management process. The time it takes to process a claim involves several stages beginning with a person filing a claim. The stages that follow determine if a claim has merit as well as how much the insurance company will pay. Insurance customers expect a company to settle claims quickly and to their satisfaction. Because high customer satisfaction levels can give a company a competitive edge, reducing the time it takes to settle insurance claims is one way to decrease the number of customer complaints and improve service. The improvement of claims management system that speeds the process and minimizes costs offers a practical solution. Generally speaking, when settling a claim is delayed, it costs the insurance company more money. The higher claim costs reduce profitability. Customer satisfaction, customer loyalty and customer retention are important intermediate goals for financial service providers.

The focal issue addressed by this action research project was the high costs that the company incurs when acquiring external adjusters. Given the company has low volume of nonmotor claims, hence its practice is to assign all non-motor claims that are highly doubtful or that needs thorough evaluation report to external adjusters especially for fire and property claims which are very technical in nature and should have complete and accurate details before claims settlement and payment. The objective of this action research is to improve non-motorcar claims processing by means of having in-house adjusters for non-motor claims department that shall handle, assess and prepare evaluation reports for technical and substantial non-motor claims including those claims suspected to be fraudulent in nature. Upon implementation of the project, the expenses in outsourcing claims adjusters decreased which helped the company's profitability.

Abstract Format

html

Language

English

Format

Electronic

Accession Number

CDTG007855

Shelf Location

Archives, The Learning Commons, 12F Henry Sy Sr. Hall

Physical Description

1 computer disc ; 4 3/4 in.

Keywords

Insurance claims; Insurance adjusters

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