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

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  • 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
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    References listed on IDEAS

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    2. 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.
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    4. 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.
    5. 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.
    6. 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.
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