Efficacy of Insurance Claims Management A Comparative Study on Private and Public Sector General Insurance Companies Operating in Odisha

Abstract

Introduction newlineRisk relating to property and health can be best managed by transferring the same in insurance way. The very purpose of taking insurance coverage against various perils is to get indemnified when there is loss or damage to the insured property. In the whole insurance process, one of the most important function is claim settlement and this affect the financial position of both the underwriters as well as that of the customers. newlineCompanies that have efficient and organized processes for evaluating, confirming, and resolving claims are more likely to have a higher rate of successful claim settlements. newlineClaim Efficacy of General Insurance Company newlineConsumer experience, assurance, technological integration and tangible variables such as physical presence and accessible customer service all have an impact on claim efficacy. These factors help to improve client happiness, retention rates, and overall service quality in the regional insurance market. newlineEfficient claim procedures prompt communication and effective issue resolution all have an impact on claims efficacy. newlineClaims efficacy refers to a company s efficient handling of claims, such as processing speed, policy dependability, and customer service effectiveness. newlineResearch Gap newlineThe research seeks to fill the research gap by providing a comprehensive analysis of claim settlement practices in both private and public general insurance companies operating in Odisha with the aim of identifying opportunities to enhance efficiency and customer satisfaction. newlineHypothesis development newlineThe research aims to address the dearth of comparative studies on insurance claim management in Odisha by conducting a comprehensive analysis of both private and public sector general insurance companies. The study aims to investigate the impact of claim management efficacy on customer satisfaction and retention rates within the insurance landscape of the state newline newline