oriental insurance company limited

Customer Satisfaction towards luxury

motor car claim settlement procedure –

A Study

(With respect to Oriental Insurance Co.)

• University guide

“Dr.Byram Anand”

• Company guide “Mr. JP Kemwal

( Branch Manager) ”

This project is prepared under the guidance of

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 insurance (also known as auto

insurance, car insurance, or motor insurance)

is insurance purchased for cars,

trucks, motorcycles, and other road vehicles. Its

primary use is to provide financial protection

against physical damage and/or bodily injury

resulting from traffic collisions and

against liability that could also arise there from.

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).

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

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.

Objectives of the study:

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

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 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 having the Audi cars,,,

16. 3% belong to the Bentley owners and remaining others

4.7% are Rolls Royce Owners

COST OF THE CAR

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

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

4.7% of respondents are Highly Satisfied,

IS THE CLAIM IS HANDLED IN A TIMELY MANNER

62.8% of respondents think that the claim is handled in

timely manner,

37.2% of respondents don’t think that the claim is

handled in timely manner.

ARE YOU SATISFIED WITH THE CLAIM SETTLEMENT PROCEDURE IN

THE ORIENTAL INSURANCE COMPANY LIMITED



20.9% of respondents are neither satisfied nor dissatisfied,


7.0% of respondents are Dissatisfied

ARE THE STAFF COURTEOUS AND HELPFUL TO YOU AT THE

SETTLEMENTS

55.8% of respondents don’t 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






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 THE OVERALL HANDLING OF THE CLAIM

SETTLEMENT PROCESS IN OIC






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

Neither

satisfied nor

dissatisfied Dissatisfied

Highly

dissatisfied Total

Which

Brand of

the car do

you have?

Audi0 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

Rolls Royce0 0 1 1 0 2

Total 2 9 19 9 4 43

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.

Value d.f.

Chi-Square 16.196(a) 16

Chi-Square Test result

χ²cal = 16.196

χ²0.05 with (n-1) (n-1) = (5-1) (5-1) = 16

χ²0.05 with 16 d.f.= 26.3

χ²cal < χ² tab

Hence, we will accept Ho

Findings & Suggestions

Majority of the respondents, who are policy

holders with Oriental Insurance

Company Limited have felt that the

satisfaction of the customers are very

good in claim settlement 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 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, 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.

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

oriental insurance company limited

Documents