Impact of Poor Claim Settlement on the Demand for Insurance
DOI:
https://doi.org/10.5281/zenodo.10976535Keywords:
claim settlement, insurance demand, poor claim processingAbstract
Insurance is a dynamic world with cut-throat competition among the insurers. Each insurer is constantly trying to get more customers to buy their products while trying to keep their costs to a minimum. However, since there is no singular factor that affects the demand for insurance in a country, a major factor that the insurers have control over is the claim settlement ratio. With better and faster claim settlement, it is assumed that customers will be more satisfied and thus more likely to buy and recommend the insurance products, thus boosting the sales of the insurers. This study aims to find the connection between these two factors to identify the relationship between them and to suggest changes that the insurers can implement to improve the demand for their product, through analysis using means such as Chi-Square and Regression.
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