This project report provides an overview of the”Service Offer By United India Insurance For Customer Satisfaction”. It aims to give students an understanding of the insurance sector, specifically general insurance, and how United India Insurance operates to provide quality service to its customers.
The report starts with an introduction to the concept of insurance, its purpose and functioning. It then discusses the general insurance industry in India and its evolution over the years. The principles governing general insurance are also covered.
What You Get in This Project File
There is a dedicated section on United India Insurance Company – its background, organizational structure, vision and commitments towards customers. The various insurance products offered to individuals and businesses have been listed. Initiatives taken by the company for improved customer service are also highlighted.
The critical aspect of customer satisfaction is then analyzed along with the relationship between service quality and customer satisfaction. Factors that help build confidence and trust with customers are discussed. The standards and benchmarks adopted by United India Insurance for prompt servicing of customers are shared.
The report of “Service Offer By United India Insurance For Customer Satisfaction” also covers the research methodology for the study on customer satisfaction. Satisfaction levels are measured based on policy utilization, education levels, income groups etc. The findings are presented along with suggestions for United India Insurance Company to further improve customer delight.
You Can find Main Project File Below
In the end, the students are advised to update the data in the report with the latest information available to make a updated report on “Service Offer By United India Insurance For Customer Satisfaction”. Additional research can be conducted to understand changing customer preferences and expectations from the insurance sector. Surveys can be designed to gauge current satisfaction levels and areas for improvement. With some modifications and additions, students can create a comprehensive project report on the services offered by insurance companies focusing on customer satisfaction.
Brief Summary Of Project Report on “Service Offer By United India Insurance For Customer Satisfaction”
Overview of Insurance
Insurance provides financial protection against losses arising due to uncertainties. It is a mechanism by which individuals can transfer the cost of potential loss to an insurance company, which pools the risk across multiple insured customers. The insurance company evaluates the risk of loss and charges a premium accordingly.
Some common forms of insurance are life insurance, health insurance, motor insurance, travel insurance, home insurance etc. Life insurance provides compensation in case of death of the insured. Health insurance covers medical treatment costs. Motor insurance insures against losses associated with vehicles. Home insurance protects against damage to the home due to causes like fire, floods etc.
General Insurance Industry in India
General insurance products in India protect individuals and businesses against financial losses such as those arising from:
The first general insurance company in India, Triton Insurance Company Limited, was established in Kolkata in 1850. At the time of India’s independence in 1947, there were around 170 insurers. Of these, Indian companies controlled just 7%, foreign companies controlled the rest.
Over the years, regulations have forced foreign companies to divest their stakes in Indian insurance companies. The industry also saw consolidation via mergers. Subsequently in 1972, general insurance business was nationalized, resulting in few government owned entities controlling the sector.
The establishment of the Insurance Regulatory and Development Authority (IRDA) in 2000 led to liberalization of the industry. Several private companies have now established a presence. However, government owned companies continue to dominate with over 50% market share.
The entry of private companies post liberalization has resulted in improved efficiency through better claim processing times, product innovation and leveraging of technology. The availability of options allows customers the flexibility to choose plans as per individual preferences. However, lack of awareness and complexity of products available leads many customers to simply renew existing policies year after year.
Principles of General Insurance
General insurance aims to safeguard the economic value of assets. The motivation for insurance arises because there are risks that can lead to financial losses. When such unfortunate events occur, the affected individuals suffer in the absence of insurance.
General insurance is governed by several key principles:
Utmost Good Faith
Both the insurance company and the individual seeking insurance must disclose all material facts. The insurance contract requires complete transparency from both parties. Any misrepresentation could result in the contract being voided.
Insurable Interest
The asset being insured must offer some economic benefit to the insured. The existence of insurable interest ensures that insurance is not used for reckless behavior such as gambling on losses.
Indemnity
The compensation provided in the event of a loss must put the insured in a financially equivalent position to that before the loss. Insurance does not intend to enrich the insured compared to the pre-loss position.
Subrogation
If the insured receives compensation for losses, then the insurer acquires the legal right to recover the corresponding amount from a third party responsible for the loss. The principle ensures that the insured individual does not unjustly profit twice over – once from insurance and then again from the third party.
Proximate Cause
For an insurance claim to succeed, a clear link must be established between the occurrence of the loss and the insured risk event. An unspecified cause of loss will fail the proximate cause test and hence will not qualify for claim settlement.
About United India Insurance Company
United India Insurance Company (UIIC) was founded in 1938 through the merger of various general insurance companies in southern India along with Indian operations of a few foreign insurance companies. It is headquartered in Chennai.
Over its eight decade existence, UIIC has grown to become India’s second largest general insurer in the public sector. Some key statistics regarding its scale of operations:
– 1340+ offices spanning all states and serving over 1 crore policyholders
– 17,500+ employees
– Rs. 8,283 crores in total assets
– ‘iAAA’ financial rating indicating highest claims paying ability
The company offers a wide range of general insurance products – from coverage for bullock carts to satellites. UIIC has played a pioneering role in providing customized insurance solutions for large infrastructure projects such as airports, power plants etc. It also caters extensively to rural and social sector insurance requirements through mass Government schemes.
The company’s motto “Service, the Gateway to Growth” reflects its long standing commitment towards delighting customers. It has articulated its vision to be the most preferred general insurer in India with global presence, powered by an admired brand, innovative products, multi-channel delivery and highly motivated employees.
For effectively managing operations across the nation, UIIC has established 25 Regional Offices and over 350 Divisional Offices across India’s states and union territories. This extensive geographical presence has allowed UIIC to serve customers efficiently through proximity.
Insurance Products Offered by UIIC
UIIC offers general insurance products for individuals as well as businesses. Some key offerings are:
Personal Insurance Plans
– Householder’s Policy – provides protection for home building, contents etc. against fire and allied perils
– Personal Accident Policy – coverage in case of injuries/ disability/ death arising due to accidents
– Overseas Mediclaim – provides insurance cover against medical treatment costs incurred abroad
– Motor Insurance – two-wheeler and car insurance plans
Commercial Insurance Plans
– Marine Insurance – cargo insurance and hull insurance plans for goods and vessels transport
– Industrial Insurance – coverage for operational risks associated with industrial units like factories, warehouses etc.
– Motor Insurance – commercial vehicle insurance plans
Miscellaneous Insurance Plans
– Bhagyashree Child Welfare Policy
– Mother Teresa Women & Children Policy
– Rural Insurance – schemes for farmers and rural populations
– Agricultural Pumpset Insurance
The above listing highlights the diversity of general insurance solutions catered by UIIC. Depending on individual needs, customers can choose appropriate plans across health, property, vehicles, travel, rural, commercial and liability insurance.
Initiatives for Improved Customer Service
Aligning with its vision and commitments towards customers, UIIC has implemented various initiatives to improve insurance service delivery.
Customer Portal
The customer portal allows prospects and policyholders to purchase and renew certain policies online through the company website. This facilitates quick and transparent transactions.
E-Insurance Account
In association with registered Insurance Repositories, UIIC enables maintenance of insurance policies in electronic form. This ensures easy access and updates to policies compared to physical documents.
Digital Payments
Promoting adoption of digital payments for insurance purchases, UIIC offers 10% discount in premiums for select products, subject to a maximum of Rs. 2,000 per policy.
Grievance Redressal
An online Integrated Grievance Management System allows quick registration, tracking and resolution of complaints from customers.
Standards and Benchmarks
Strict internal timelines have been laid down for key customer service processes such as policy issuance, renewal and claim settlement. Adherence is monitored to ensure prompt resolutions.
The adoption of technology combined with process standardization has enhanced customer experience while also improving business efficiency for the organization.
Understanding Customer Satisfaction
Customer satisfaction reflects how well a company’s products or services meet or exceed a customer’s expectations. It is a key differentiator as satisfied customers stay loyal and drive business growth through referrals.
In the insurance industry, customer satisfaction implies timely issuance of policy documents, reminders about renewals, assistance during claims and quick settlement of eligible claims. The promised financial support should be provided without hassles when the customer is in distress.
Service Quality and Customer Satisfaction
Service quality refers to how well a service is delivered compared to the customer’s expectations. High quality and reliability provide confidence to the customer. Service quality has a direct correlation with satisfaction levels.
Some key contributors to quality are:
– Responsiveness – willingness to help customers and provide prompt service
– Assurance – knowledge and courtesy of staff and their ability to inspire trust
– Empathy – caring and individualized attention provided to customers
– Reliability – ability to perform the promised service dependably and accurately
For an insurance provider, claims processing is a critical service differentiator that impacts customer satisfaction significantly. An efficient claims process ensures timely help for the customer when needed the most.
Factors that help build enduring relationships include:
Trust
Customers have confidence and faith that the company will keep its word and fulfill promises. Building trust requires transparency through clear communication, owning responsibility if expectations are not met and avoiding fine print exclusions.
Keeping the Customer First
A customer oriented culture where conversations start with understanding customer needs allows the company to serve them better. Internal operations and processes must be optimized to suit customer requirements rather than forcing customers to adjust.
Progress Monitoring
Periodic surveys to measure satisfaction levels, analysis of complaints and continuous feedback helps gauge areas of improvement. This helps realign priorities promptly based on changing customer expectations.
Fair Resolution
A robust process to understand reasons for dissatisfaction and resolve them quickly leaves customers assured that grievances will be fairly addressed.
Standards and Benchmarks
UIIC has defined time bound service standards and benchmarks to ensure customers are responded to and assisted promptly:
– Policy proposal acceptance or rejection within 3-7 days from submission
– Policy issuance within 7 days from acceptance of proposal
– Renewal notice issued 15 days prior to policy expiry
– Surveyor assigned within 48 hours of claim intimation
– Claim approval, rejection or pending response within 15-30 days from submission of all documents
– Claim payment processing within 3 days of receipt of discharge voucher
– Grievance registration and resolution tracking enabled instantly through online portal
– Personal meetings with customers every Wednesday from 3 pm to 5 pm for grievance redressal
The defined metrics and regular monitoring ensure prompt services across policy sales, renewal and claims management. This enhances reliability from a customer standpoint.
Main Project File
Instructions for Students
To build further on this project report on “Service Offer By United India Insurance For Customer Satisfaction”, students can undertake additional research through surveys and interviews to understand customer expectations and satisfaction levels with United India’s products and services.
With research updates, the latest financial figures and inclusion of recent initiatives by the company in improving customer experience, students would have all the ingredients for creating an enriched project report.