IDEAS home Printed from https://ideas.repec.org/a/ddj/fseeai/y2018i2p5-11.html
   My bibliography  Save this article

Policyholder’s Experience of Claims Settlement Methodologies in Motor Insurance Business in Nigeria

Author

Listed:
  • Ajemunigbohun SUNDAY

    (Lagos State University, Lagos, Nigeria)

Abstract

This paper has been able to examine insurance customers’ experience of claims settlement techniques among motor insurance policyholders which cut across construction, oil and gas, haulage and manufacturing companies in Nigeria. Descriptive design was engaged cum purposive sampling approach. 127 sample parameter produced formidable responses via structured questionnaire. Data analytical procedure exerted in this survey was Kolmogorov Smirnov test. This paper unravels that the policyholders are usually attended to with the repairs option in the claims settlement procedure by insurance companies in Nigeria. The result further shows that policyholders claimed that cash compensations in the claims settlement procedure oftentimes do not commensurate with their motor loss events and replacement options offered often time by insurance companies in settling a motor insurance claim are not acceptable to them. The research therefore recommends that insurance claims managers roll out strategic plans that will ensure fulfillment of cash compensation and replacement requests of policyholders in order to give room for stable, amiable and accessible connectivity between policyholders and insurance firms.

Suggested Citation

  • Ajemunigbohun SUNDAY, 2018. "Policyholder’s Experience of Claims Settlement Methodologies in Motor Insurance Business in Nigeria," Economics and Applied Informatics, "Dunarea de Jos" University of Galati, Faculty of Economics and Business Administration, issue 2, pages 5-11.
    • Handle: RePEc:ddj:fseeai:y:2018:i:2:p:5-11
    DOI: 10.26397/eai158404091
    as

    Download full text from publisher

    File URL: http://www.eia.feaa.ugal.ro/images/eia/2018_2/Ajemunigbohun_SUNDAY.pdf
    Download Restriction: no
    File URL: https://libkey.io/10.26397/eai158404091?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Tajudeen Yusuf & Sunday Ajemunigbohun, 2015. "Effectiveness, Efficiency, And Promptness Of Claims Handling Process In The Nigerian Insurance Industry," European Journal of Business and Economics, Central Bohemia University, vol. 10(2), pages 6861:10-686, January.
    2. Colin Shaw & John Ivens, 2002. "Building Great Customer Experiences," Palgrave Macmillan Books, Palgrave Macmillan, number 978-0-230-55471-9, December.
    3. Serap O. Gönülal, 2009. "Motor Third-Party Liability Insurance in Developing Countries : Raising Awareness and Improving Safety," World Bank Publications - Reports 12960, The World Bank Group.
    4. Maitlo, Muhammad Zahid & Jugwani, Neelam & Gilal, Rehman Gul, 2017. "The Model of Customer Experience and Purchase Intention in Online Environment," Sukkur IBA Journal of Management and Business, Sukkur IBA University, vol. 4(1), pages 1-17, January -.
    5. Serpil Bülbül & Kemal Baykal, 2016. "Optimal Bonus-Malus System Design in Motor Third-Party Liability Insurance in Turkey: Negative Binomial Model," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 8(8), pages 205-205, August.
    6. Tajudeen Olalekan Yusuf & Sunday Stephen Ajemunigbohun & Gbenga Noah Alli, 2017. "A Critical Review of Insurance Claims Management: A Study of Selected Insurance Companies in Nigeria," SPOUDAI Journal of Economics and Business, SPOUDAI Journal of Economics and Business, University of Piraeus, vol. 67(2), pages 69-84, April-Jun.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Ajemunigbohun Sunday Stephen & Olowokudejo Folake Feyisayo & Adeleke Ismaila, 2022. "Claims Settlement and Risk Attitudes: Evidence from the Motor Insurance Policyholders," Studia Universitatis Babeș-Bolyai Oeconomica, Sciendo, vol. 67(2), pages 33-49, August.
    2. Hugo Martins & Paulo Carvalho & Nuno Almeida, 2021. "Destination Brand Experience: A Study Case in Touristic Context of the Peneda-Gerês National Park," Sustainability, MDPI, vol. 13(21), pages 1-17, October.
    3. Pearce, Philip L., 2020. "Tourists' perception of time: Directions for design," Annals of Tourism Research, Elsevier, vol. 83(C).
    4. Jatinder Singh & Oriol Iglesias & Joan Batista-Foguet, 2012. "Does Having an Ethical Brand Matter? The Influence of Consumer Perceived Ethicality on Trust, Affect and Loyalty," Journal of Business Ethics, Springer, vol. 111(4), pages 541-549, December.
    5. Muhammad Waqas & Zalfa Laili Binti Hamzah & Noor Akma Mohd Salleh, 2021. "Customer experience: a systematic literature review and consumer culture theory-based conceptualisation," Management Review Quarterly, Springer, vol. 71(1), pages 135-176, February.
    6. Skorek Monika, 2016. "Attitudes of Polish Consumers Toward Experiential Marketing," Journal of Management and Business Administration. Central Europe, Sciendo, vol. 24(4), pages 109-124, December.
    7. Ioannis Rizomyliotis & Athanasios Poulis & Kleopatra Konstantoulaki & Apostolos Giovanis, 2021. "Sustaining brand loyalty: The moderating role of green consumption values," Business Strategy and the Environment, Wiley Blackwell, vol. 30(7), pages 3025-3039, November.
    8. Sara Amoroso & Simonetta Pattuglia & Imran Khan, 2021. "Do Millennials share similar perceptions of brand experience? A clusterization based on brand experience and other brand-related constructs: the case of Netflix," Journal of Marketing Analytics, Palgrave Macmillan, vol. 9(1), pages 33-43, March.
    9. Katarzyna Dziewanowska, 2015. "Dimensions of Real and Virtual Consumer Experiences," Faculty of Management Working Paper Series 42015, University of Warsaw, Faculty of Management.
    10. Zhenshan Xu & Hong Zhang & Chunhui Zhang & Man Xu & Nan Dong, 2019. "Exploring the Role of Emotion in the Relationship between Museum Image and Tourists’ Behavioral Intention: The Case of Three Museums in Xi’an," Sustainability, MDPI, vol. 11(3), pages 1-20, January.
    11. Hyunjoon Kim & Jinkyung Jenny Kim & Muhammad Asif, 2019. "The Antecedents and Consequences of Travelers’ Well-Being Perceptions: Focusing on Chinese Tourist Shopping at a Duty Free," IJERPH, MDPI, vol. 16(24), pages 1-22, December.
    12. Damien Chaney & Renaud Lunardo & Rémi Mencarelli, 2018. "Consumption experience: past, present and future," Post-Print hal-01951670, HAL.
    13. Sofia Salgado Pinto, 2008. "THE SPECIFICATION of HIGH INTERACTION SERVICE PROCESSES," Working Papers de Gestão (Management Working Papers) 022008, Católica Porto Business School, Universidade Católica Portuguesa.
    14. Cao, Yue & Dong, Yizhe & Ma, Diandian & Sun, Li, 2021. "Customer concentration and corporate risk-taking," Journal of Financial Stability, Elsevier, vol. 54(C).
    15. Corina Paula TARTA, 2013. "The Perception Of Young Romanians On Experiential Marketing," Management and Marketing Journal, University of Craiova, Faculty of Economics and Business Administration, vol. 0(2), pages 311-321, November.
    16. Jacques Beukes & Hein Prinsloo & Theuns G Pelser, 2017. "Customer Service Expectations from South African Alcoholic Beverage Suppliers in Urban and Rural Areas," Journal of Economics and Behavioral Studies, AMH International, vol. 9(3), pages 28-45.
    17. Baird, Michael & Ouschan, Robyn & Phau, Ian, 2011. "Discrepancies of positive and negative consumption expectations in high risk drinking experiences," Australasian marketing journal, Elsevier, vol. 19(1), pages 1-6.
    18. Kim, Dohee & Park, Byung-Jin (Robert), 2017. "The moderating role of context in the effects of choice attributes on hotel choice: A discrete choice experiment," Tourism Management, Elsevier, vol. 63(C), pages 439-451.
    19. Holbrook, Morris B., 2006. "Consumption experience, customer value, and subjective personal introspection: An illustrative photographic essay," Journal of Business Research, Elsevier, vol. 59(6), pages 714-725, June.
    20. Sheng, Chieh-Wen & Chen, Ming-Chia, 2012. "A study of experience expectations of museum visitors," Tourism Management, Elsevier, vol. 33(1), pages 53-60.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ddj:fseeai:y:2018:i:2:p:5-11. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Gianina Mihai (email available below). General contact details of provider: https://edirc.repec.org/data/fegalro.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.