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
Recommended Citation
Bato, W. S. (2017). Improvement of non-motor claims processing of a non-life insurance company. Retrieved from https://animorepository.dlsu.edu.ph/etd_masteral/5812