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

Ajemunigbohun Sunday
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Ajemunigbohun Sunday: Lagos State University, Lagos, Nigeria

Economics and Applied Informatics, 2018, issue 2, 5-11

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.

Keywords: Cash compensation; Repair compensation; Replacement compensation; Motor insurance; Nigeria (search for similar items in EconPapers)
Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:ddj:fseeai:y:2018:i:2:p:5-11

DOI: 10.26397/eai158404091

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