Dissertation Report

CUSTOMER SATISFACTION FROM MOTOR

INSURANCE CLAIMS SETTLEMENT IN DELHI NCR

Submitted in partial fulfilment for the award of the degree

of Masters in Business Administration (Insurance &
Banking) from Amity University, UP, Noida Campus.

Submitted By
Faculty Guide
MOHIT CHANDHOK
BR SINGH
A2828416006 PROFESSOR

Amity School of Insurance, Banking & Actuarial Science,

Amity University, UP, Noida Campus

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 Certificate
This is to certify that the report entitled, Mr. Mohit Chandhok student of Amity School of
Insurance banking and Actuarial Sciences (ASIBAS), Amity University, Noida, UP has
completed the dissertation on ‘CUSTOMER SATISFACTION FROM MOTOR
INSURANCE CLAIMS SETTLEMENT INDELHI NCR’ during the period of January
15th 2018 to April 20th 2018 and this project is original and authentic and it has been
undertaken by him within the stipulated time under my guidance.

MRBR SINGH

Professor

Amity School of Insurance Banking and Actuarial Sciences (ASIBAS)

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 Declaration
I MOHIT CHANDHOK hereby declare that this project titled “Customer Satisfaction
from Motor Insurance Claims Settlement inDelhi NCR” submitted to Amity School of
Insurance Banking and Actuarial Science (ASIBAS) is an original work carried out by me
under the guidance of MrBr Singh in fulfilment of MBA(I&B) course for the award degree.
All the contents of this project report are true and to the best of my knowledge and has not
been submitted earlier to any university or institution for award of degree/diploma certificate
or published any time earlier.

Submitted By: Faculty Mentor

Mohit Chandhok MrBr Singh
A2828417006 Professor
MBA (I&B) A.S.I.B.A.S

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 Acknowledgement

I take this opportunity to express my profound gratitude and deep regard to my faculty guide
MrBr Singh from Amity School of Insurance Banking and Actuarial Science (ASIBAS),
Amity University Noida, for his cordial support, valuable information and guidance, which
helped me in completing this task through various stages.

I also thank the other faculty and Director of Amity School of Insurance Banking and
Actuarial Science (ASIBAS), Amity University Noida, to help me get an opportunity to work
on this project title.

I would like to thank the officers of various authorised service stations in Delhi NCR for their
kind cooperation and helping out for fulfilment of this project report.

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 TABLE OF CONTENT

Serial No. Topic Page No.

1. Introduction 6
2. Review of Literature 22
3. Objective of Study 25
4. Research Methodology 26
5. Data Analysis and Discussion 28
6. Suggestions 33
7. Limitations of Study 35

8. Future Scope of study 36

9. References 37

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 CHAPTER 1
INTRODUCTION

1.1 MEANING AND NATURE OF INSURANCE

Insurance is a contract between the insurance provider (insurer) and the individual or group,
in which insurer agrees to pay a certain sum of money to the individual or group upon a given
contingency. To take this benefit, individual has to pay a fixed amount of money to the
insurer on regular predetermined period of time and it is called as premium. Insurance as a
policy designed to indemnify the insured against all sums for which the insurer is legally
liable upon receipt of premium by the insurer in the occurrence of the peril insured against.

Insurance as a financial mechanism which aims at reducing the uncertainty of loss by pooling
a large number of uncertainties so that the burden of loss is distributed. Insurance is a modern
concept for solving risk- related problems depending on the cooperation of a large number of
people for its success. In an insurance contract, one party, the insured, pays a specified
amount of money, called a premium, to another party, the insurer.

The insurer, in turn, agrees to compensate the insured for specific future losses. The losses
covered are listed in the contract and the contract is called a policy. When an insured suffers a
loss or damage that is insured in the policy, the insured can collect on the proceeds of the
policy by filing a claim with the insurance company.

The company then decides whether or not to pay the claim. The recipient of any proceeds
from the policy is called the beneficiary who may be the insured person or other persons
designated by the insured. In India, Insurance Regulatory and Development Authority of
India grants license and fully approve the services of the insurance company either as a Life
insurer, Non-Life insurance insurer, or a composite (insurer who carries out both Life and
Non-Life Business). Most insurance services in India are provided by private corporations,
but some are provided by the government.

Three main parties are involved in the provision of insurance services: the insurance
company (usually called the insurer). The customer (usually called the insured) and the third
party are usually the brokers, commission agents, the government, individual, organizations
and the general public who may be using the insurance services or are involved in insurance
in one way or the other.

An insurer is a company selling the insurance; an insured or policyholder is the person or

entity buying the insurance policy. The insurance rate is a factor used to determine the
amount to be charged for a certain amount of insurance coverage, called the premium. Risk
management, the practice of appraising and controlling risk, has evolved as a discrete field of
study and practice. The transaction involves the insured assuming a guaranteed and known
relatively small loss in the form of payment to the insurer in exchange for the insurer’s
promise to compensate (indemnify) the insured in the case of a large, possibly devastating

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loss. The insured receives a contract called the insurance policy which details the conditions
and circumstances under which the insured will be compensated.

General Insurance: Insuring anything other than human life is called general insurance.
Examples are insuring property like house and belongings against fire and theft or vehicles
against accidental damage or theft. Injury due to accident or hospitalisation for illness and
surgery can also be insured. Your liabilities to others arising out of the law can also be
insured and is compulsory in some cases like motor third party insurance.

The insurance company, is the main service provider of all insurance related needs of her
customers and provides a full range of service to its customers e.g., issuance of insurance
certificates, issuance of policy document, and physical survey of property insured, claim
processing, loss adjusting and settlement of claims. It also offers different types of policies to
different categories of customers. Insurance business can be classified into two categories
namely, General Business otherwise known Non-Life insurance business and Life Insurance
business for customers who insure their lives for the benefit of another.

In support of the above classification of insurance, various types of General Insurance

Business namely: Property Insurance, Pecuniary Insurance, Accident Insurance, Liability
Insurance, Motor Vehicle Insurance, Engineering Insurance, Marine Insurance, Aviation
Insurance; then Life Assurance. The Insured is the individual, organization or person who
insures his property or asset with the insurance company and pays the premium to the
insurance company. In most cases, he is also the one to be compensated in the case of claim
occurrence and indemnity settlement whether full, partial or ex-gratia payment. The insured
could be the general public, state government, federal government, social club, church,
individuals, companies, local government, industry, professional association, commercial
companies, and private hospitals etc.

The third parties to the insurance company could be the insurance brokers, insurance agents,
individuals and the general public who are connected one way or the other with the subject
insured. The insurance agents as covering part-time agents, full-time agents, cash agents,
credit agents, own case agents etc. It is important to mention here that brokers usually earn
brokerage commission for their services to the insurance companies whilst the agents earn
commission.

The main function of the brokers and agents is to bring the insurer and the insured into a
contractual relationship of insurance. The main purpose of insurance marketing is to meet the
needs of the insurance customers and in turn achieves the organizational goal. This is gotten
through some key techniques that an insurer utilizes for customers satisfaction.

Some of these techniques are prompt claim settlement, efficient service delivery, interaction
with customers to solve their problems, distribution of corporate gifts, home delivery of
claims and commission cheques to customers, brokers and agents, quality service as well as
prompt attendance to customers‘ complaints, prompt renewal notices sent to customers to

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 avoid embarrassment by government officials in case of motor insurance, issuance of cover
notes as temporary insurance before premium payment, etc.

1.2 BENEFITS OF INSURANCE INDUSTRY

The role of insurance as a social protection mechanism is perhaps what first comes to mind
when asked to think about its benefits. Indeed, by mitigating the effects of exogenous events
over which we have no control; illness, accident, death, natural disasters; insurance allows
individuals to recover from sudden misfortune by relieving or at least limiting the financial
burden. In the case of health insurance, it could even mean the difference between life and
death.

Insurance, however, has a far wider and more profound impact than this initial perception,
though its value to society derives from this primary function. Because it manages, diversifies
and absorbs the risks of individuals and companies, insurance is often a precondition for the
development of other productive activities, such as buying a home and starting or expanding
a business. In turn, these activities fuel demand, facilitate supply and support trade—but are
only generally engaged in once the associated external risks are managed through insurance.
Insurance also offers social protection to individuals. An insured person who does not suffer
undue financial loss after a sudden misfortune will more easily maintain his purchasing
power.

The aggregate impact of insurance, therefore, is to level consumption patterns and contribute
more widely to financial and social stability. This stabilizing factor is reinforced by the role
of insurance as a long term investor in projects and businesses. Insurance has a real effect on
the global economy through the number of people that the sector employs. But it also acts in
a complementary fashion with the banking sector, offering easier access to credit, channelling
savings into long-term investments and providing greater transparency and liquidity to the
markets, thus providing further support and growth to the economy. The ways in which
insurance contributes to society and economic growth can be summed up as follows:

It allows different risks to be managed more efficiently; it encourages loss mitigation; it

enhances peace of mind and promotes financial stability; it helps relieve the burden on
governments for providing all services of social protection to citizens via social security
systems; it facilitates trade and commerce; supporting businesses and economic growth; it
mobilises domestic savings; and it fosters a more efficient allocation of capital thereby
advancing the development of financial services.

Insurance should therefore rightly be perceived not only as a protection and risk management
mechanism, which pays out when a catastrophe occurs, but more as a partnership that allows
individuals and businesses to spread their wings and go where they might otherwise not have
dared to go.

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 1.3 Introduction to Motor Insurance
Motor insurance is the branch of general insurance industry that most directly affects the
general public. With over 100 million vehicles on Indian roads and a legal compulsion for
insurance for every vehicle on road, it is easy to mark why this portfolio plays such a major
role in insurance services. Though it appears to be simplest of all insurance policies yet it is
experiencing most difficult time in India.

The performance of Indian market in motor-portfolio during the last decade has been
satisfactory. Companies that are performing well actively enhance their brand through the
claim-settlement process. They usually have automated systems for spotting fraudulent
claims. Yet, due to poor systems or inefficient processes, many insurers across India are
simply not ready for the growth in claims that comes with premium growth.

The need of the hour is to understand the importance of the claims process, which is often the
only opportunity for insurers to interact directly with consumers, offering an untapped
opportunity to really differentiate on customer experience.

This is the class of Insurance through which a majority of the people recognize general
Insurance and that too because it is compulsory for all motorized vehicles to have an
Insurance policy against third party liability before they can come on road. Though this class
of Insurance is the major source of premium earnings for the Insurance companies it is also
the class which is showing the biggest losses.

Motor insurance in India offers both opportunity and risk on a grand scale. Its growth
potential is vast, yet many insurers are failing to create profitable operating models. This
growth opportunity is fuelled by a number of factors including growing economies, a rising
‘car owning’ middle class, rapid urbanisation and even regulatory and law changes.

While average losses in these markets can be high, the top insurers consistently perform
better than the market by implementing leading edge practices in key operational areas. We
observe that there is no ‘one-size-fits-all’ to describe these successful insurers — for example
the opportunities are not exclusively linked to dominant local players. Instead, it appears that
insurers who have focussed on excelling in the basics in the local market are the ones
achieving profitable growth.

1.3.1 TYPES OF POLICIES

For all classes of vehicles, there are two types of Policy Forms:-

Form “A”: to cover Act Liability.

Form “B”: to cover Own Damage Losses and Act Liability. The policy can also be extended
to cover additional liabilities as provided in the Tariff.

Form “A” is called “Standard Form for “A” Policy for Act Liability”. This form applies
uniformly to all classes of vehicles, whether Private Cars, Commercial Vehicles, Motor
Cycles or Motor Scooters, with suitable amendments in “Limitations as to Use”.

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 Form “B”, which provides wider cover as indicated above, varies with the class of vehicle
covered. There are therefore Form “B” Policies for Private Cars, Commercial Vehicles, Motor
Cycles/ Scooters, etc. Policy Form B This policy provides the so-called ‘comprehensive’
cover and the structure of the policy form is the same for all vehicles, (with some differences
which are pointed out, wherever applicable)

1.3.2 Section I: Loss or Damage (or “Own Damage”). The risks covered are :
a) Fire, explosion, self-ignition or lightning.
b) Burglary, house breaking or theft.
c) Riot and strike.
d) Earthquake (fire and shock damage)
e) Flood, typhoon, hurricane, storm, tempest, inundation, cyclone, hailstorm, frost.
f) Accidental external means.
g) Malicious act.
h) Terrorist activity.
i) Transit by road, rail, inland waterway, lift, elevator or air.

Exclusions

i. Consequential loss
ii. Depreciation
iii. Wear and tear
iv. Mechanical or electrical breakdowns, failures or breakages
v. Damage to tyres unless the vehicle is damaged at the same time. (Then, 50% of cost of
replacement payable).
vi. Loss when the vehicle is driven under the influence of intoxicating liquor or drugs

(Notes: 1. in the motor cycle and commercial vehicle policy there are additional
exclusions)

(1) Loss of or damage to accessories by burglary, housebreaking or theft unless the vehicle is
stolen at the same time.
(2) In commercial vehicle policy, there is a further exclusion: Damage caused by overloading
or strain of the vehicle.

Compulsory Excess
This applies to all vehicles. The insured has to bear a part of the claim amount in respect of
each accident. Further loss / damage to lamps, tyres, mudguards and / or bonnet side parts,
bumpers and / or paintwork is not payable except in the case of a total loss of vehicle.

1.3.3 Section II Liability to Third Parties

The insurers indemnify the insured against all sums which he may become legally liable to
any person including occupants carried in the motor car (provided that they are not carried for

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 hire or reward) by reason of death or bodily injuries caused to such third parties or by reason
of damage to the property of third parties caused by or arising out of the use of the motor car.

The insured’s liability for damage to property of third parties is limited to Rs.6000/-; whilst
liability for death of or bodily injury to third party is unlimited.
The legal costs and expenses incurred by such third parties are reimbursed in addition. The
legal costs and expenses incurred by the insured are also reimbursed provided that they were
incurred with the insurer’s written consent.

1.3.4 Section III

This appears in commercial vehicle policies only. This section provides cover while the
vehicle is towing one disabled mechanically - propelled vehicle. It provides that whilst the
insured vehicle is being used for the purpose of towing any one disabled mechanically -
propelled vehicle

(a) The cover provided by the policy remains operative,

(b)Under Section II of the policy, indemnity will also be provided for the liability in
connection with such towed vehicle. This however is subject to the following two provisios:

i. The towed vehicle should not be towed for hire or reward and
ii. No cover is available under the policy for the damage to the towed vehicle or the property
conveyed thereby.

1.3.5 Claims (Own Damage)

On receipt of notice of loss, the policy records are checked to see that the policy is in force
and that it covers the vehicle involved. The loss is entered in the Claims Register and a claim
form is issued to the insured for completion and return.

The insured is required to submit a detailed estimate of repairs from any repairer of his
choice. Generally, these repairs are acceptable to the insurers but they at times ask the insured
to obtain repair estimate from another repairer, if they have reason to believe that the
competence, moral hazard or business integrity of the repairer first chosen is not satisfactory.

1.3.6 Settlement
The survey report is examined and settlement is effected in accordance with the
recommendations contained therein. The usual practice is to authorise the repairs directly
with the repairer to whom a letter is issued to that effect. In this letter the repairers are also
instructed to collect direct from the insured the amount of the excess, depreciation, salvage,
etc. If applicable to the claim, before delivering the repaired vehicle to him. The repairers are
also instructed to keep aside the salvage of damaged parts, if there are any, for being collected
by the salvage buyer nominated by the Insurers.

Or else, if the repairers are willing to retain the salvage, its value, as indicated by the
surveyor, is deducted from the claim bill. On receipt of their final bill of repairs after
completion of repairs and a satisfaction note or voucher from the insured that the vehicle has
been repaired to his satisfaction, the payment to the repairer is affected.

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 Sometimes, the repairer is paid directly by the insured in which case the latter is reimbursed
on submission of a receipted bill from the repairers. In either case, discharge voucher or
receipt is obtained. The Claims Register and the policy and renewal records are marked that
the claim is paid indicating the amount of claim and the amount of salvage, if any

1.3.7 Claims Documents

Apart from claim form and Survey report the other documents required for processing the
claim are:
(1) Driving Licence
(2) Registration Certificate Book
(3) Fitness Certificate (Commercial Vehicles)
(4) Permit (Commercial Vehicles)
(5) Police Report (Taxis, commercial Vehicle need F.I.R./ spot survey if loss is heavy or T.P.
loss occurs)
(6) Final Bill from repairers
(7) Satisfaction Note from the insured
(8) Receipted bill from the repairer, if paid by insured.
(9) Discharge voucher (full and final payment)

1.3.8 Total Loss Claims

Whenever a surveyor finds that a vehicle is either beyond repairs or the repairs are not an
economic proposition, he negotiates with the insured to assess the loss on a Total Loss basis -
for a reasonable sum representing the market value of the vehicle immediately prior to the
loss.

If the market value is more than the insured value, the settlement will be brought about for
the insured value. The Insured will be paid in cash and the Insurers will take over the salvage
of the damaged vehicle which will thereafter be disposed of for their own benefit calling
tenders through advertisements in newspapers.

However, before the actual payment is made to the Insured, the Insurer will collect from him
the Registration and Taxation books, ignition keys and blank TO. and T.T.0. forms duly
signed by the insured, so that the salvage is usually not encouraged, unless insured desires, so
as to avoid the hassle of salvage disposal.

1.3.9 List of Companies providing Motor Insurance

 National Insurance Company

 New India Assurance

 The Oriental Insurance Company

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  United India Insurance Company

 Bajaj Allianz General Insurance

 Bharti AXA General Insurance

 Future Generali India Insurance

 HDFC ERGO General Insurance Company

 ICICI Lombard

 Kotak Mahindra General Insurance

1.4 Customer Satisfaction and its Importance

Customer satisfaction is the backbone of any service industry. It is the customer that can
bring prosperity and success to any organization. So, it is important to satisfy the myriads
needs of the customers. Life insurance industry is one such industry where customer
satisfaction is of utmost importance.

In any activity of life there is a possibility that a desired event may fail to occur and that
pecuniary (financial) loss may arise. In adventures by sea the ship may fail to make the port
(remember Titanic!); or the cargo may be damaged or lost. In the adventure of life itself, the
life may fail and death may occur, causing suffering to dependants. Human life is really
unpredictable. Death comes to all sooner or later, and it is the only truth in this world. The
rest as they say is all maya (illusion). So if death is the only truth, then why do we ignore the
implications of the event? Because of the nature of its permanence, and all pervasive; death
requires understanding the financial implications on the dependents.

The dramatic increase in competition within the insurance sector and the needs of insurance
by people has concurrently resulted in more policy options being available in Indian market.
Also, individuals make decision each time relative to the perceived risk in similar situation
due to differences in their attitudes towards risk, while in some cases two individuals facing
the same situation may react differently but still behave rationally due to financial instability
and some are different because of differences in opinion and interpretation of risks.

In today‘s competitive world, measurement of customer satisfaction has become a key

performance indicator of an organization and valuable management tool for companies to
expand their current customer relationships and remain competitive. Customer‘s needs and
requirements have been changed substantially over the last few decades. With the increase in
complexities, the requirements of customers have also become complex and diverse.

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Customers not only buy the products but also the bundle of needs. Companies should plan
and offer products which can assist their customers in fulfilling their exact set of needs.
Hence, insurance companies must move from selling insurance to changing need
identification and offering suitable products to satisfy those.

It cannot be denied that insurance is the backbone of a country‘s risk management system.
Risk is inherent part and parcel of our lives. None of us know what is going to happen to us
in the future but what we do know is that accidents happen. This is the simple idea that the
insurance industry is founded on.

They are also an important component in the financial intermediation chain of a country and
are a source of long-term capital for infrastructure and long-term projects. Through their
participation in financial markets, they also provide support in stabilizing the markets by
evening out any fluctuations. The insurance business is broadly divided into life, health, and
non-life insurance.

In researching satisfaction, firms generally ask customers whether their service has met or
exceeded expectations. Thus, expectations are a key factor behind satisfaction. When
customers have high expectations and the reality falls short, they will be disappointed and will
likely rate their experience as less than satisfying. For this reason, a luxury resort, for
example, might receive a lower satisfaction rating than a budget motel—even though its
facilities and service would be deemed superior in 'absolute' terms

Consumer loyalty is characterized as "the quantity of clients, or level of aggregate clients,

whose detailed involvement with a firm, its items, or its administrations (appraisals) surpasses
indicated fulfilment objectives. It is viewed as a key execution marker inside business and is
regularly part of a Balanced Scorecard. In an aggressive commercial centre where
organizations vie for clients, consumer loyalty is viewed as a key differentiator and
progressively has turned into a key component of business technique

Customer satisfaction, a term frequently used in marketing, is a measure of how products and
services supplied by a company meet or surpass customer expectation. Customer satisfaction
is defined as "the number of customers, or percentage of total customers, whose reported
experience with a firm, its products, or its services (ratings) exceeds specified satisfaction
goals."

Within organizations, customer satisfaction ratings can have powerful effects. They focus
employees on the importance of fulfilling customers’ expectations. Furthermore, when these
ratings dip, they warn of problems that can affect sales and profitability. These metrics
quantify an important dynamic. When a brand has loyal customers, it gains positive word-of-
mouth marketing, which is both free and highly effective.

Satisfaction is a major outcome of marketing activity and service to link processes

culminating in purchase and consumption with post purchase phenomenon such as attitudinal
change, repeat purchase and brand loyalty. It is a feeling, which a customer gets from a
process of evaluating what was received against that expected, the purchase decision itself

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and the fulfilment of needs and want. The key to customer satisfaction lies in meeting these
expectations.

Expectations are created in the customer mind from a variety of causes and reasons like past-
experience, promotional claims, word of mouth and third party information. It is also noted
that satisfaction is a function of perceived performance and expectations that identifies
feelings of a person resulting from comparing a products perceived performance is in relation
to thee customers expectation which they have in their mind while purchasing the product

Most firms realize that the more competitive the market, the more important the level of
customer satisfaction. In this context it is very important to provide-customers with
outstanding value, i.e. quality, service and price to achieve sustained customer satisfaction
and loyalty.

Improving quality and customer satisfaction reduces costs associated with defective services
such as warranty costs, field service, and reworking and handling or managing complaints.
Word-of-mouth from satisfied customers lowers the cost of attracting new customers and
enhances the firm’s overall reputation, while that of dissatisfied customers are naturally has
the opposite effect.

Customer satisfaction is a business term, which is used to capture the idea of measuring how,
satisfied an enterprise customers are with the organizations efforts. During the past decades,
customer satisfaction has emerged as a strategic imperative for most firms. In the 1980’s,
achieving a higher satisfaction became a goal in itself. During the 1990’s, there was a
widespread realization that satisfaction is a strategic goal for all organization involved in the
delivery of customer service. Satisfied customers usually return and buy more, they tell
people about their experiences, and they may well pay a premium for the privilege of using
service product of the organization.

Since satisfaction drives behaviour, a more thorough understanding of what drives customer
satisfaction will give service providers the insights they need to influence customer behaviour
in the short-term and long-term. The centrality of the concept is reflected by its inclusion in
the marketing concept that high customer satisfaction ratings are widely believed to be the
best indicator of a company’s future profit.

Because, satisfied customers are more willing to pay for the benefits they receive and are
more likely to be tolerant of increases in price. This implies high margins and customer
loyalty. Otherwise, it will lead to customer turn over, high replacement costs and high
customer acquisition costs. This is a means to strategic ends such as customer retention that
directly affect profits.

Therefore, it is essential for businesses to effectively manage customer satisfaction. To be

able do this, firms need reliable and representative measures of satisfaction. In researching
satisfaction, firms generally ask customers whether their product or service has met or
exceeded expectations. Thus, expectations are a key factor behind satisfaction.

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When customers have high expectations and the reality falls short, they will be disappointed
and will likely rate their experience as less than satisfying. For this reason, a luxury resort, for
example, might receive a lower satisfaction rating than a budget motel-even though its
facilities and service would be deemed superior in “absolute” terms.

Customer satisfaction is measured at the individual level, but it is almost always reported at
an aggregate level. It can be, and often is, measured along various dimensions. A hotel, for
example, might ask customers to rate their experience with its front desk and check-in
service, with the room, with the amenities in the room, with the restaurants, and so on.
Additionally, in a holistic sense, the hotel might ask about overall satisfaction “with your
stay.”

Customer satisfaction is an ambiguous and abstract concept and the actual manifestation of
the state of satisfaction will vary from person to person and product/service to
product/service. The state of satisfaction depends on a number of both psychological and
physical variables which correlate with satisfaction behaviours such as return and recommend
rate.

The level of satisfaction can also vary depending on other options the customer may have and
other products against which the customer can compare the organization's products.

As research on consumption experiences grows, evidence suggests that customers purchase

goods and services for a combination of two types of benefits: hedonic and utilitarian.
Hedonic benefits are associated with the sensory and experiential attributes of the product.
Utilitarian benefits of a product are associated with the more instrumental and functional
attributes of the product.

Satisfaction, then, is the extent to which actual value realized by the purchase or acquisition
of the product matches the pre-purchase assessment of value. If actual value is equal to or
greater than perceived value, satisfaction will result, if not, then dissatisfaction will result.

Although sales or market share can indicate how well a firm is performing currently,
satisfaction is an indicator of how likely it is that the firm’s customers will make further
purchases in the future. Much research has focused on the relationship between customer
satisfaction and retention. Studies indicate that the ramifications of satisfaction are most
strongly realized at the extremes. On a five-point scale, individuals who rate their satisfaction
level as “5” are likely to become return customers and might even evangelize for the firm. (A
second important metric related to satisfaction is willingness to recommend.

This metric is defined as "The percentage of surveyed customers who indicate that they
would recommend a brand to friends." When a customer is satisfied with a product, he or she
might recommend it to friends, relatives and colleagues. This can be a powerful marketing
advantage.) Individuals who rate their satisfaction level as “1,” by contrast, are unlikely to
return.

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 Further, they can hurt the firm by making negative comments about it to prospective
customers. Willingness to recommend is a key metric relating to customer satisfaction.

Satisfaction can influence post-purchase/post-experience actions other than usage (such as

word of mouth communications and repeat purchase behaviour). Additional post-experience
actions might include product or information search activity, changes in shopping behaviour
and trial of associated products.

As shown in Figure, Customer satisfaction is influenced by perceived quality of product and

service attributes, features and benefits, and is moderated by customer expectations regarding
the product or service. Each of these constructs that influence customer satisfaction need to
be defined.

Figure 1: Customer satisfaction influence and perceived quality

1.4.1 Satisfaction Measurement: Affective Measures of Customer Satisfaction

A customer’s attitude (liking/disliking) towards a product can result from any product
information or experience whether perceived or real. Again, it is meaningful to measure
attitudes towards a product or service that a customer has never used, but not satisfaction.

1.4.2 Satisfaction Measurement: Cognitive Measures of Customer Satisfaction

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 A cognitive element is defined as an appraisal or conclusion that the product was useful (or
not useful), fit the situation (or did not fit), exceeded the requirements of the
problem/situation (or did not exceed). Cognitive responses are specific to the situation for
which the product was purchased and specific to the customer’s intended use of the product,
regardless if that use is correct or incorrect.

1.4.3 Satisfaction Measurement: Behavioural Measures of Customer Satisfaction

It is sometimes believed that dissatisfaction is synonymous with regret or disappointment
while satisfaction is linked to ideas such as, “it was a good choice” or “I am glad that I
bought it.” When phrased in behavioural response terms, customers indicate that “purchasing
this product would be a good choice” or “I would be glad to purchase this product.” Often,
behavioural measures reflect the customer’s experience individuals associated with the
product (i.e. customer service representatives) and the intention to repeat that experience.

Figure 2: Behavioural response terms

1.4.4 Satisfaction Measurement: Expectations Measures

A diagnostic approach to satisfaction measurement is to examine the gap between the
customer's expectation of performance and their perceived experience of performance. This
“satisfaction gap" involves measuring both perception of performance and expectation of
performance along specific product or service attributes dimensions.

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 Customer satisfaction is largely a reflection of the expectations and experiences that the
customer has with a product or service. However expectations also reflect that influences the
evaluation of the product or service. When we make major purchases, we research the
product or service and gain information from the advertising, salespersons, and word-of-
mouth from friends and associates. This information influences our expectations and ability
to evaluate quality, value, and the ability of the product or service to meet our needs.

1.4.5 Satisfaction Measurement: Perceived Value Measures

Perceived value may conceptually refer to the overall price divided by quality or the overall
quality divided by price. Perceived value is measured in many ways including overall
evaluation of value, expectations of price that would be paid, and more rigorous
methodologies including the Van Westernport pricing analysis, and conjoint analysis

The customer behaviour literature shows that price is a primary indicator of quality when
other attributes and benefits are relatively unknown. However when repeat purchases are
made in some product categories, price may be reduced in importance.

1.4.6 Customer Satisfaction Measurement Models

Customer satisfaction is the most common of all marketing surveys and is part of the “big
three” research studies in marketing that include market segmentation and concept testing.
Measuring satisfaction and building a satisfaction survey requires a basic knowledge of the
satisfaction measurement literature, combined with your own customer satisfaction
experiences.

This brief provides an introduction to the theoretical and methodological underpinnings of

satisfaction research by first defining the concept of customer satisfaction and how
satisfaction is used in business.. This satisfaction research attempts to provide the basis for
understanding what measures should be included in satisfaction surveys and why those
measures are of value to any business.

1.4.7 Types of Customer Expectations that Influence Satisfaction

Customer performance expectations for attributes, features and benefits of products and
services may be identified as both explicit and implicit expectation questions.

Explicit expectations are mental targets for product performance, such as well identified
performance standards. For example, if expectations for a colour printer were for 11 pages
per minute and high quality colour printing, but the product actually delivered 3 pages per
minute and good quality colour printing, then the cognitive evaluation comparing product
performance and expectations would be 11 PPM – 3 PPM + High – Good, with each item
weighted by their associated importance.

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Implicit expectations represent the norms of performance that reflect accepted standards
established by business in general, other companies, industries, and even cultures. Static
performance expectations address how performance and quality for a specific application are
defined. Each system’s performance measures are unique, though general expectations relate
to quality of outcome and may include those researched by Berry, or others such as:
accessibility, customization, dependability, timeliness, and accuracy, tangible cues which
augment the application, options, cutting edge technology, flexibility, and user friendly
interfaces. Static performance expectations are the visible part of the iceberg; they are the
performance we see and -- often erroneously -- assume are all that exist

Dynamic performance expectations are about how the product or service evolves over time
and includes the changes in support and product or service enhancement needed to meet
future business or use environments. Dynamic performance expectations may help to “static”
performance expectations as new uses, integrations, or system requirements develop.

Interpersonal expectations involve the relationship between the customer and the product or
service provider. Person to person relationships are increasingly important, especially where
products require support for proper use and functioning. Expectations for interpersonal
support include technical knowledge and ability to solve the problem, ability to communicate,
time to problem resolution, courtesy, patience, enthusiasm, helpfulness, understood my
situation and problem, communication skills, and customer perceptions regarding
professionalism of conduct, often including image, appearance.

In building a customer satisfaction survey, it is also helpful to consider reasons why pre-
purchase expectations or post-purchase satisfaction may or may not be fulfilled or even
measurable.

1. Expectations may not reflect unanticipated service attributes;

2. Expectations may be quite vague, creating wide latitudes of acceptability in performance

and expected satisfaction;

3. Expectation and product performance evaluations may be sensory and not cognitive, as in
taste, style or image;

4. The product use may attract so little attention as to produce no conscious affect or
cognition (evaluation), and result in meaningless satisfaction or dissatisfaction measures;

5. There may have been unanticipated benefits or consequences of purchasing or using the
product (such as a use or feature not anticipated with purchase);

6. The original expectations may have been unrealistically high or low;

7. The product purchaser, influencer and user may have been different individuals, each
having different expectations. For each of these types of expectations that when fulfilled
result in customer satisfaction (or when not delivered, result in dissatisfaction and
complaining behaviour), the perceived quality and value are critical and directly influence
intention to repurchase and loyalty.

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1.4.8 Importance of Customer Satisfaction

 It’s a leading indicator of consumer repurchase intentions and loyalty

 It’s a point of differentiation
 It reduces customer churn
 It increases customer lifetime value
 It reduces negative word of mouth
 It’s cheaper to retain customers than acquire new ones

1.4.9 Significance of Customer Satisfaction in Insurance Industry

Customer satisfaction is important to insurance industry in a number of ways.

Profitability:
Customer satisfaction has a positive effect on organisation‘s profitability. It leads to repeat
purchase and positive word-of-mouth advertising. Satisfied customers are most likely to share
their experiences with other people and dissatisfied customers tell more people their
unfortunate experiences.
Strategic dimension for an organization includes becoming more competitive through
customer satisfaction, brand loyalty and product/service quality. Customer satisfaction is not
an end in itself but a means to achieving greater profit in firms. For instance, satisfied
customers tend to be less price sensitive, more willing to buy additional products and less
influenced by competitors.
Satisfied customers generally stay loyal and longer, buy more as firms introduce new
products, upgrade existing products, talks favourably to others about the company and its
products, and offers product ideas to the company and cost less than new customers because
transactions can become a routine.

Customer Loyalty and Retention:

The strategic imperatives for building a loyal customer are: focus on key customers,
anticipate the needs of customers and respond to them before competitors do, build close ties
with customers and create a value perception. As long as customers feel they are receiving
better value than they would obtain from another firm, they would increase their loyalty and
retention.
Customer satisfaction is very important in today‘s insurance business world because it makes
the customers loyal and helps the organization to build long and profitable relationships with
their customers.

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 CHAPTER 2
REVIEW OF LITERATURE

Customer satisfaction is a multidimensional nature and viewed overall satisfaction as a

function of satisfaction with multiple experiences with the service provider. Price sensitivity
is one of the key factors affecting companies pricing choices. Yet in insurance sector
business, practitioners are facing problems in pricing decisions as they are short of
knowledge on their customers' price sensitivity levels and dynamic.

The review of this literature indicates definition of customer satisfaction. Customer

satisfaction is very important in the light of the fact that customers are the primary source of
most firms’ revenue. It is understood from the literatures that customer satisfaction is
determined by a cognitive process of comparing what customers receive against what they
pay for getting the service.

Faulkner and Bowman (1997) in his paper, they examined that perceived value is equal to
satisfaction level of customer. The satisfaction level is based on purchasing, using and
repurchasing of a product or service. They have given the opinion that it is responsibility of
intermediaries to give knowledge about products to the customers.

Goswami (2007) has tried to analyse the dimensions of service quality and made an attempt
to understand various factors that ensure maximum customer satisfaction. The results show
that the responsiveness of service quality provided maximum customer satisfaction in the life
insurance industry in India.

22
Khurana (2008) in his paper made an attempt to identify the customer’s preference for
various factors. He tried to examine customer’s preference towards plans and policies of
insurance companies, their purpose of buying the insurance policies, satisfaction level of
customers and their future plans for insurance policies.

Tse and Wilton (1998)stated customer satisfaction as the customer’s response to the
evaluation of the perceived discrepancy between prior expectations (or some norm of
performance) and the actual performance of the product as perceived after its consumption.

Mano and Oliver (1993) examined the three aspects of the post consumption experience-
product evaluation, product elicited affect and product satisfaction. Product satisfaction is best
characterized as an attitude-like post consumption evaluative judgment (Hunt, 1977) with the
evaluative aspect of that judgment varying along the hedonic continuum (Oliver 1989;
Westbrook and Oliver 1991)

Terblanche & Boshoff (2001)assessed the influence of certain factors on customer’s level of
satisfaction in their study. It has been found that service quality, product quality and product
varieties are the three dimensions that influence customer satisfaction.

Luo and Homburg (2007) that customer/customer satisfaction is an important driver of firm
profitability. It has also been explained that customer satisfaction generates free word-of-
mouth advertising and saves marketing costs.

Woodside et al (1989) found from the research study that customer judgment of service
quality is positively associated with overall satisfaction with the service encounter. The overall
satisfaction varies with the service quality and customer satisfaction. Overall customer
satisfaction with the service encounter-is associated with behavioural intention to return to the
same service provider.

Zeithaml and Berry (1996) has made attempts to understand the characteristics of services
and what providers should possess in order to project a high quality service articulated by their
customers. They made a conclusion that customers’ provided service quality is a different
concept from their satisfaction level and service quality can be known by measuring the gaps
between customers’ expectations and their performance.

23
Ennew and Binks (1996)state in the study that service quality is seen as a key antecedent to
successful customer relationships. Arguably, this is particularly so in the service sector where
quality can be difficult to imitate and as such can potentially provide the basis for a
sustainable competitive edge. Offering a superior service, which the competition cannot
match, provides customers with a reason for selecting and remaining with a particular
provider.

Grant and Schlesinger (1995) stated that profits from customer relationships are the
lifeblood of all businesses. Profits can be increased by acquiring new customers- to increase
the number of people who use a product or service and enhance the profitability of existing
customers- to motivate people to engage in behaviours that generate higher returns. The
company must examine customer behaviours such as share of use, costs of service, price paid
and referrals for studying full potential of target customers.

Mittal & Kamakura (2001) represented a conceptual model for relating satisfaction and
repurchase behaviour. Results showed that customers with different characteristics have
different thresholds such that, at the same level of rated satisfaction, repurchase rates are
systematically different among different customer groups.

Reddy (2005) states that it is not enough if the product meets the l functional requirements of
the customer; it should meet certain other customer expectations like behaviour/attitude of the
person who provides service. Customer satisfaction is the combination of both technical
features and human behavioural aspects.

Giese & Cote (2000) studied various literatures and indicated that customer satisfaction is a
response (emotional or cognitive), the response pertains to a particular focus (expectations,
product, consumption experience, etc.) and the response occurs at a particular time (after
consumption, after choice, based on accumulated experience, etc.)

Kristensen et al. (1999) states customer/customer satisfaction is an evaluative response of

the product purchase and consumption experience resulting from a comparison of what was
expected and what is received. The overall conclusion from his study is that expectations
influence customer satisfaction and the effect can be positive, negative or non-existent.

High customer satisfaction leads several benefits to the firm has stated Fornell (1992). These
benefits include current customer’s loyalty, insulation of customers from competitive efforts,
future transactions, low failure cost, low cost in creating new customers and an enhanced
goodwill for the firm. Customer satisfaction has direct impact on the primary source of future
revenue streams for most companies. .

Customer satisfaction should be the major yardstick for every organization in today’s work
environment because customers are the 9 driving force for a business. Hockin (1990) states
the following points what customer/customer satisfaction means to one organization.

24
 • Define a vision of customer satisfaction for the organization.

• Identify the appropriate customers.

• Measure customer satisfaction regularly and consistently.

• Create an interactive customer information system.

CHAPTER 3

OBJECTIVE OF THE STUDY

3.1 Broad objective:

Prepare the report on "Customer Satisfaction from Motor Insurance Claim Settlements in
Delhi NCR” to complete my Master's program of Amity School of Insurance Banking and
Actuarial Science.

3.2 Specific Objectives:

 To investigate the factors that influences the level of satisfaction of customers holding a valid
motor insurance.

25
 To study the satisfaction level of policy holders from services provided by general insurance
companies in Motor Insurance Claim Settlement in Delhi NCR.

 To assess the relative factors of satisfaction for customers for whom claims have been settled
in Motor Insurance.

CHAPTER 4

RESEARCH METHODOLOGY

4.1 Research Design used on the study

Descriptive research design is used in this study since it will guarantee the minimization of
inclination and augmentation of dependability of information gathered. Descriptive study
depends on some past comprehension of the theme; examine has a certain target and obvious
information necessities. From the investigation, the kind of information to be gathered and
the strategy to be utilized for this reason for existing were chosen.

26
 4.2 Methodology of the study
It includes Research Design, data sources and collection procedures, sampling method,
sample size and data analysis procedures.

4.3 Hypothesis – Factor Analysis

H0 (Null hypothesis): There is no relationship between customer satisfaction in Motor
Insurance claim settlement and other variables.
H1 (Alternative Hypothesis): There is a relationship between customer satisfaction in
Motor Insurance claim settlement and employee Initiative.

H2 : There is a relationship between customer satisfaction in Motor Insurance claim

settlement and employee Initiative and flexibility of dealing.

H3:There is a relationship between customer satisfaction in Motor Insurance claim

settlement and employee Initiative and accuracy of claim procedure.

H4: There is a relationship between customer satisfaction in Motor Insurance claim

settlement and employee Initiative and service provided.

H5: There is a relationship between customer satisfaction in Motor Insurance claim

settlement and employee Initiative and knowledge of employee.

H6: There is a relationship between customer satisfaction in Motor Insurance claim

settlement and employee Initiative and ability of utilities.

H7: There is a relationship between customer satisfaction in Motor Insurance claim

settlement and employee Initiative and suitability of services.

H8: There is a relationship between customer satisfaction in Motor Insurance claim

settlement and employee Initiative.

4.4 Data Sources & Collection Method

Data have been collected from – Primary sources (Questionnaires)

4.4.1 Primary Sources: A structured questionnaire was used as the research instrument to collect
primary data from the customer of internet banking from Bank of Baroda Starting with Age
& Sex, questionnaire comprised to the key questions that determine overall satisfaction level
of customer in using Internet Banking services. A 5 point Likert Scale (From 1 strongly
disagree to 5 for strongly agree) was used.

4.5 Sampling Plan

27
 The population of the research is formed by the customers holding a valid Motor Insurance in
West Delhi. The sampling frame for the research will be those customers who are availing
Motor Insurance Claims for their vehicle and visiting the various authorised service centres in
West Delhi.

4.6 Tools for Data Analysis

The tool used for Data Analysis is – SPSS Statistics v.23.00

CHAPTER 5
DATA ANALYSIS AND DISCUSSIONS

DATA ANALYSIS- Factor Analysis

28
For conducting customer’s Satisfaction survey, Likert scale based questionnaire was
developed after review of literature and discussions with faculty mentor. The collected Data
was analysed using SPSS Statistics v.23.00 using Factor Analysis.

Since, the Research has been basically done to analyse the Customer satisfaction from Motor
Insurance Claim Settlements in Delhi NCR. Thus, the data was put onto SPSS to do the
findings using Factor Analysis.

Where Factor analysis is a technique that is used to reduce a large number of variables into
fewer numbers of factors. This technique extracts maximum common variance from all
variables and puts them into a common score. As an index of all variables, we can use this
score for further analysis. Factor analysis is part of general linear model (GLM) and this
method also assumes several assumptions: there is linear relationship, there is no multi
collinearity, it includes relevant variables into analysis, and there is true correlation between
variables and factors. Several methods are available, but principle component analysis is
used most commonly.

For the same purpose, a separate excel sheet was made which consisted of all the Data of
customers and accordingly their level of satisfaction was put on the basis of 5 points
(Strongly Agree-5, agree-4, Neutral-3, Disagree-2, Strongly Disagree- 1

The Correlation Matrix

The next output from the analysis is the correlation coefficient. A correlation matrix is simple
a rectangular array of numbers which gives the correlation coefficients between a single
variable and every other variables in the investigation. The correlation coefficient between a
variable and itself is always 1; hence the principal diagonal of the correlation matrix contains
1s. The correlation coefficients above and below the principal diagonal are the same.

With respect to Correlation Matrix if any pair of variables has a value less than 0.5, consider
dropping one of them from the analysis. The off-diagonal elements (The values on the left
and right side of diagonal in the table below) should all be very small (close to zero) in a
good model.

29
30
Communalities
The next item from the output is a table of communalities which shows how much of the
variance (i.e. the communality value which should be more than 0.5 to be considered for
further analysis. Else these variables are to be removed from further steps factor analysis) in
the variables has been accounted for by the extracted factors. For instance over

31
Total variance explained
Eigenvalue actually reflects the number of extracted factors whose sum should be equal to
number of items which are subjected to factor analysis. The next item shows all the factors
extractable from the analysis along with their eigenvalues.

The Eigenvalue table has been divided into 2 sub-sections, i.e. Initial Eigen Values,
Extracted Sums of Squared Loadings. For analysis and interpretation purpose we are only
concerned with Extracted Sums of Squared Loadings. Here one should note that Notice
that the first factor accounts for18.079% of the variance, the second 18.369% and the third
12.595%. All the remaining factors are not significant.

32
Component matrix
The table below shows the loadings (extracted values of each item under 10 variables) of the
10 variables on the 5 factors extracted. The higher the absolute value of the loading, the more
the factor contributes to the variable (We have extracted 10 variables where in the 10 items
are divided into 5 variables according to most important items which similar responses in
component 1 and simultaneously in component 2 and 3 and so on till 5). The gap (empty
spaces) on the table represent loadings that are less than 0.5, this makes reading the table
easier. Wesuppressed all loadings less than 0.5

33
 CHAPTER 6

SUGGESTIONS BASED ON FINDINGS

In this chapter, a summary of the results that came out of the analysis has been presented. It
provided implications for management.

There is no doubt that insurance companies contribute to the development of a country. As

such, these insurance companies have an integral role to play in providing the best possible
service tothe country’s citizenry. This makes customer satisfaction with service delivery in
the insuranceindustry a concept worth exploring. This concept, though not old in India, is
very significant.

Initially, the main objective of this study was to assess and analyse customer satisfaction from
Motor Insurance Claim Settlement in Delhi NCR. Performing this work considering the Delhi
with its numerous Authorised motor vehicle repair Centres as a whole. That is why it has
been decided to restrict the study to the claim settlement in motor insurance.

Based on a sample of customers of the Various Insurance Companies, this study allowed
giving more insight into customer satisfaction with various parameters as per the
questionnaire. We evaluated the 105 of customers with respect to different dimensions of
customer’s expectations.

Finally, we were able to identify ways of enhancing the service of Insurance Companies for
providing better results in claim Settlement of Motor vehicles in the Service centres. The
analysis presented in the earlier chapter lead to several important findings which we
summarize in what follows.

First, customer satisfaction from motor insurance claims settlement in Delhi NCR is
acceptable. However, the companies still needs to work on customer retention as a fraction of
the sample size was pessimistic representing potential proportion of customers to be lost due
to their poor experience rated on few variables under the factors rated.

Secondly, most of the customers are satisfied with the variable which states Flexibility,
Employees Initiative, Fairness and Equity, Quality of Services, Compatibility, Clarity
and Accuracy, Employees Advice, Good to Deal Employees, Knowledgeable Employees.

On the other hand, having explored the degree of importance of each service dimension for
customers, we found out that Quality of Servicesis the most important dimension to
customers.

One other interesting finding was that the customers are essentially satisfied with the
dimensions that are mostly important to them. For instance, Quality of Services is the
dimension which gives the most satisfaction to customers. This therefore represents another

34
challenge for management to find and implement solutions to make the level of customer
satisfactions higher to the given important dimension.
However, to a higher degree, customers want to be offered Transparency in Claim Follow
Up, Response to Phone Calls, and Availability of manuals.

Also, it appeared that customers prefer the company paying directly the mechanic and any
other repair cost in case of accident to the contrary where the insured pays and being
reimbursed later on.

Finally, in the given study it was easily concluded that customers were satisfied with their
claims settlement in motor insurance regardless of any insurance company yet few customers
were dissatisfied in overall survey due to some delays in their settlement and employees
behaviour.

Few customers reported bad experience in their Claims settlement process due to poor
availability of guidance and flexibility of dealing but these customers were later on satisfied
while the claim was settled.

35
 CHAPTER 7
LIMITATIONS OF THE STUDY

Every research is conducted under some constraints and this research is not an exception.
Limitations of this study are as follows: -

 As a research is based on a sample, therefore, the findings may not reveal the factual
information about the research problem, though an utmost care will be taken to select a truly
representative sample.

 There may be some bias in the responses of the respondents, which cannot be ruled out fully.

 Sudden change in the Insurance practices during the course of research can affect the results.

 The sample size of only 105 was taken from the large population for the purpose of study, so
there can be difference between results of sample from total population.

 People were reluctant to go in to details because of their busy schedules.

 Merely asking questions and recording answers may not always elicit the actual information
sought.

36
 CHAPTER 8

FUTURE SCOPE OF THE STUDY

The subject area of customer satisfaction is very broad in scope or content. In this study, the
focus is on customer satisfaction with service delivery in the motor insurance industry.
However, as we explained above, this study is focused on Customer Satisfaction from Motor
insurance Claims Settlement in Delhi NCR only where only 105 respondents were taken.

Hence, our results are not representative of the whole industry but can still be considered as a
first step to provide the insurance industry with beginnings of answers and preliminary
assessment of the customers’ satisfaction with the motor insurance industry.

Therefore other studies should be conducted considering other areas where motor insurance
plays a major role and can provide with better results with combination of both the studies.
This will provide the possibility to make comparisons of any trend of customer satisfaction
with service delivery in different settings.

Finally, other studies on other types of insurance (financial insurance, home insurance,
medical/health insurance, fire and burglary insurance etc.) can be performed and be inspired
from the methodology adopted in this study as well as the considered service dimensions.

37
 CHAPTER 9
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