Customer Satisfaction towards luxury motor car claim c laim settlement procedur A Stu (With (With respect to Oriental Oriental Insurance Co.)
This project is prepared under the guidance of •
University guide “Dr.Byram Anand” Company guide “ Mr. Mr. JP Kemwal ( Branch Manager ) ”
•
Presented By: Mohd Nizam Bakhshi MBA II Pondicherry University
Content Introduction • Industry Profile •
• Company Profile • Research Methodology • Data Representation • Conclusion • Reference
Introduction to Insurance Industry •
Vehicle ehicle insuran insurance ce (also (also known known as auto auto insuran insurance ce,, ca carr insura insurance nce,, or motor motor insuran insurance ce)) is insu insurranc ance purc purcha hase sed d for for cars, trucks, motorcyc motorcycles, les, and other other road road vehicle vehicles. s. Its primary use is to provide financial protection against physical damage and/or bodily injury resul re sultin ting g from from traf traffic fic coll collisi isions ons and and against against liabili liability ty that that could could also also arise arise there there ffrom rom..
Company Profile Profile ◙ The Oriental Insurance Company Ltd. was incorporated at Bombay on 12th September 1947. ◙ The Company was a wholly owned subsidiary of the Oriental Government Security Life Assurance Company Ltd and was formed to carry out General Insurance business. ◙ The Company was a subsidiary of Life Insurance Corporation of India from 1956 to 1973 ( till the General Insurance Business was nationalized in the country).
Continue…… ◙ In 2003 all shares of company held by the General Insurance Corporation of India has been transferred to Central Government. ◙ Oriental Insurance made a modest beginning with a first year premium of Rs.99,946 in 1950. ◙ ORIENTAL with its head Office at New Delhi has 26 Regional Offices and nearly 900+ operating Offices in various cities of the country.
Continue…… ◙ The Company has overseas operations in Nepal, Kuwait and Dubai. ◙ The Company has a total strength of around 15,000+ employees. From less than a lakh at inception, the Gross Premium went up to Rs.58 crores in 1973 and during 2008-09 the figure stood at a mammoth Rs. 4077.90 crores.
Research Methodology Objectives of the study:
The main objectives of the study are:•
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To evaluate the satisfactory satisfactory levels of the customers for services provided by the Oriental Insurance Company Limited dealing with luxury motor cars claim settlement procedure. To understand the claim settlement procedure of oriental insurance company limited dealing with luxury motor cars.
Limitations of the study •
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The survey conducted may not be considered as comprehensive as only limited respondents could be contacted because of the time constraint. Objectives and the purposes of the study and the questions had to be explained to the respondents and their responses may be biased.
Cont…….. •
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Some of the respondents were reluctant to give their responses. Only limited sample size had been considered for the study and therefore, the conclusions drawn based on this may not be a reflection of the entire population.
Research design
RESEARCH DESIGN-“Descriptive Research”
SAMPLING SIZE & TECHNIQUE: The Sampling Technique used for the research is Non-Probability sampling technique. Of various methods, Convenience sampling method was employed for selection of 43 respondents required for the survey.
SAMPLING PROCEDURE:CONVENIENCE SAMPLING
POPULATION: The sample population belonged to the NCR namely Delhi, Gurgaon, Noida and Greater Noida. The sample population belonged to higher sections s ections of the society i.e. higher income group
ANALYSIS TOOLS:Simple Percentage Chi Square Test Charts & Diagrams
Data Collection The main source of information for this study is based on the data collection. Data collected are both primary and secondary in nature.
Primary Data Primary data have been directly collected from insured by survey method through structured questionnaire. Secondary data The secondary data collected from various websites, books, magazines, journals and daily newspapers published and unpublished literature from the company
DATA REPRESENTATION
AGE OF THE RESPONDENT
34.9% of the respondents belong to the age group of less than 25 years, 27.9% fall under the category of 25-35 25 -35 years, 20. 9% belong to the age group of above 45years 16.3% belong to the age group of 35-45 years,
BRAND OF THE LUXURY CAR
37.2% fall under the category of BMW owners, 34.9% are having the Mercedes Benz, 7.0% of the respondents respondents having the Audi cars,,, 16. 3% belong to the Bentley owners and remaining remaining others
COST OF THE CAR
37.2% fall under the category of below 100, 00,000, 34.9% are are having the below below 75, 00,000, 16. 3% belong to the category below 125, 00,000 7.0% of the respondents respondents having the cars below below 50, 00, 000 , and remaining others 4.7% are under the category above 125, 00,000
PROFILE AND PROFESSION
48.8% belong to the category of business owners, 27.9% are working professionals(high class executives), 14% are government employees. 9.% of respondents belong to the category of students
EXPERIENCE TOWARDS SATISFACTION WITH THE QUALITY OF CUSTOMER SERVICE IN CLAIM SETTLEMENT PROCESS OF ORIENTAL INSURANCE COMPANY LIMITED
37.2% of respondents are satisfied, 34.9% of respondents are Dissatisfied, 16.3% of respondents are neither satisfied nor dissatisfied 7.0% of respondents are Highly dissatisfied
IS THE CLAIM IS HANDLED IN A TIMELY TIMELY MANNER
62.8% of respondents think that the claim is handled in timely timely manner manner,, 37.2% of respondents don’t think that the claim is hand handle led d in tim timely ely manne annerr.
ARE YOU SATISFIED WITH THE CLAIM SETTLEMENT PROCEDURE IN THE ORIENTAL INSURANCE COMPANY LIMITED
30.2% of respondents are satisfied, 25.6% of respondents are Highly Satisfied, 20.9% of respondents are neither satisfied nor dissatisfied, 16.3% of respondents are Highly dissatisfied
ARE THE STAFF STAFF COURTEOUS AND HELPFUL H ELPFUL TO YOU AT AT THE SETTLEMENTS
55.8 55.8% % of respo espond nden ents ts don’t think that OIC staff is courteous and helpful to you you at th thee sett settle lem men ents ts.. 44.2% of respondents are think that OIC staff is courteous and helpful to you at th ttle ttle ts
ARE YOU SATISFIED SATISFIED WITH THE KNOWLEDGE EXPECTA EXPECTATIONS IN REGARD TO EXPERTISE DEMONSTRATED THROUGHOUT CLAIM
37.2% of respondents are neither satisfied nor dissatisfied, 27.9% of respondents are satisfied, 16.3% of respondents are Highly dissatisfied 11.6% of respondents are Dissatisfied
ARE YOU KEPT INFORMED DURING THE CLAIM PROCESS, TO YOUR SATISFACTION
53.5% of respondents are think that they kept informed during the claim process, to their satisfaction, 46.5% of respondents don’t think that they kept informed during the claim process, to their satisfaction
HOW DO YOU RATE RATE THE OVERALL HANDLING OF THE CLAIM SETTLEMENT PROCESS IN OIC
44.2% of respondents are neither satisfied nor dissatisfied, 20.9% of respondents are satisfied, 20.9% of respondents are Dissatisfied 9.3% of respondents are Highly dissatisfied
APPLYING CHI-SQUARE TEST BY COMPARING SATISFACTORY LEVEL TOWARDS OVERALL HANDLING OF THE CLAIM SETTLEMENT PROCESS IN OIC AND THE BRAND OF THE CARS
How do you rate the overall handling of your claim settlement proc process ess in OIC? OIC?
Neither Satisfied
diss issatisfie fied
Dissa ssatisfi isfieed
dissatisfied
Total
0
1
1
0
1
3
BMW
1
6
7
2
0
16
Mercedes
1
2
8
3
1
15
Bentley
0
0
2
3
2
7
0
0
1
1
0
2
2
9
19
9
4
43
Which Brand of
Highly
sati satisf sfie ied d nor nor
Highly satisfied Audi
the car do you have?
Rolls Royce Total
Ho: there is no significant signifi cant difference between betwee n the satisfactory level of customers towards overall handling of the claim settlement process in OIC and the brand of the cars. H1:
there is significant difference between the satisfactory level of customers towards overall handling of the claim settlement process in OIC and the brand of the cars.
Chi-Square Test result
Chi-Square
Value
d.f.
16.196(a)
16
χ ²cal = 16.196
with (n-1) (n-1) = (5-1) (5-1) = 16 χ ²0.05 wit with 16 d.f. .f.= 26.3 χ ²0.05 wit χ ²cal < χ ² tab
Hence, we will will accept Ho
Findings & Suggestions Majority of the respondents, who are policy holders with Oriental Insurance I nsurance Company Limited have felt that the satisfaction of the customers are very good in claim settlement se ttlement in comparison of other insurance companies. Hence, amendments can be made in this regard by offering best claim settlement procedure to the customers.
Cont………. The
promptness of claim settlement procedure can be maintained as it is one of the important aspects which would enhance the reputation of the company, as well as build trust in the minds of the customers. Also, it helps to retain existing e xisting customers customers and attract new customers.
The
company can create more awareness about its products among potential customers by means of advertisements and efficient insurance agents, which in turn will help he lp in increasing its customer base.
Conclusion Motor
insurance claim settlement procedure. The study has been able to accomplish its objectives, by thoroughly analyzing and identifying the satisfaction of the customers of oriental Insurance I nsurance Company Limited strengths and weaknesses of various insurance covers among the clients clie nts of various insurance companies, customer’s awareness and perception about the company and its products.
The
outcome of the study has proved that the performance of the company is outstanding in claim settlement procedure in the non-life insurance segment and that the company has a higher reputation among customers. custome rs. It is concluded that the company could initiate various steps based on the suggestions. The company by adopting some of the recommen re commendations dations,, if not all, can further improve its performance and occupy a leading position among other competitors in the non-life insurance market in future years to come.
Bibliography •
BOOKS: Marketing Research, 4th edition- Naresh K Malhotra, Malhotra, Pearson Education Project Report Writing, 1st edition- M.K.RAMPAL M.K.RAMPAL & S.L GUPTA, GUPTA, Galgotia Publishing Company
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WEBSITES: www.irdaindia.org www.economywatch.com/insurance/general-insurance www.rediff.com/business
www.wikipedia.com http://www.orientalinsurance.org •
MAGAZINES AND JOURNALS
Outlook Money. IRDA Journal. Insurance watch Insurance world
