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Content
Introduction Industry Profile Company Profile Research Methodology Data Representation Conclusion Reference
Company 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).
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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.
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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: To evaluate the 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 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..
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 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
34.9% of the respondents belong to the age group of less than 25 years, 27.9% fall under the category of 25-35 years, 20. 9% belong to the age group of above 45years 16.3% belong to the age group of 35-45 years,
37.2% fall under the category of BMW owners, 34.9% are having the Mercedes Benz, 7.0% of the respondents having the Audi cars,,, 16. 3% belong to the Bentley owners and remaining others 4.7% are Rolls Royce Owners
37.2% fall under the category of below 100, 00,000, 34.9% are having the below 75, 00,000, 16. 3% belong to the category below 125, 00,000 7.0% of the respondents having the cars below 50, 00, 000 , and remaining others 4.7% are under the category above 125, 00,000
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 4.7% of respondents are Highly Satisfied,
62.8% of respondents think that the claim is handled in timely manner, 37.2% of respondents dont think that the claim is handled in timely manner.
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 7.0% of respondents are Dissatisfied
55.8% of respondents dont think that OIC staff is courteous and helpful to you at the settlements. 44.2% of respondents are think that OIC staff is courteous and helpful to you at the settlements,
ARE YOU SATISFIED WITH THE KNOWLEDGE 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 7.0% of respondents are Highly Satisfied,
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 dont think that they kept informed during the claim process, to their satisfaction
HOW DO YOU 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 4.7% of respondents are Highly Satisfied,
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 process in OIC?
Highly satisfied
Satisfied 1
Highly dissatisfied 1
Total 3
1 1 0
6 2 0
7 8 2
2 3 3
0 1 2
16 15 7
0 2
0 9
1 19
1 9
0 4
2 43
Total
Ho: there is no significant difference between 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
Value
Chi-Square 16.196(a)
d.f.
16
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 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 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 Company Limited strengths and weaknesses of various insurance covers among the clients of various insurance companies, customers 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. It is concluded that the company could initiate various steps based on the suggestions. The company by adopting some of the recommendations, 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, Pearson Education Project Report Writing, 1st edition- M.K.RAMPAL & S.L GUPTA, Galgotia Publishing Company 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