Since January of 2002, there has been a marked increase in the number of claims against...

Since January of 2002, there has been a marked increase in the number of claims against these insurance policies. In response to these claims, the insurance companies have raised premiums. Consequently, the number of travelers selecting this insurance is decreasing, with customers choosing to bear the risk instead. Discuss why IEI is losing the customers, and how do we fix it without decreasing profits?

Expert Solution

Why insurance companies are loosing money ?

A) Insurance companies have now shifted there goals from client satisfaction to company turnover.

B) High premiums are result of high profit margins.

C) Some product offered by insurance company have become unsuitable for modern day requirements,but still they are prevailing.

D) The on not working in cyber security properly. As that is the modern day requirement that needs to be checked.

E) Also the procedure for claim settlement is not that good.Lots of paper work and sometime even after that rejection of claim have made people lost there in insurance sector.

measures to tackle :

A) By bringing new products as per market need.As right now everything is being done online and so the whole business has turned to online mediums .so the insurance company should avknowackno this and should develop product for online safety and security as well.

B) Work on improving claim settlement ratio so to increase client satisfaction and which eventually will improve the trustworthyness of insurance sector.

Rahul Sunny answered 2 years ago

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