Analysis of the Policyholders' Perception on Claim and Settlement Procedures in Motor Insurance Business in Erode District

Abstract

The fast administration of claims is both a legal obligation of an insurance company and a strong public relations and marketing strategy. The claim settlement in non-life insurance, thus, has its own peculiarities and therefore need proper handling. Claims arise when the insured's vehicle is damaged or any loss incurred, any legal liability is incurred for death of or bodily injury or damage to the property of a third party caused due to the usage of insured vehicle. Certain legal formalities are required to be undergone by the insured. These formalities slightly differ from one company to another. The present study analyses the Level of Perception of the respondents on Claim Procedures and Settlement Procedures followed in Motor Insurance.

Claims Settlement and Risk Attitudes: Evidence from the Motor Insurance Policyholders

“…Indeed, policyholders' perceptions around claims are usually informed by the defining relationships between the insurers and the insuring public (Raghuram, 2019). Thus, the defining relationships are most widely present in motor insurance policies (Ajemunigbohun, 2018;Bulbul & Baykal, 2016;Jayasudha, 2015;Namukaso, Ssekaukba, & Bagenda, 2017;Onafalujo, Abass, &Dansu, 2011). Although it is believed that roads can be better built and motor vehicles improved to tolerate mistakes, road risks can never be eliminated.…”