Working policy of Motor Insurance Companies References to Accident instances

Keywords- Insurance policies, Accident, Survey, claim, Consumer instances, mentally harassment

Introduction:

Present twenty-four hours the motor companies have increased his concern by new strategies & A ; techniques. His Advertisement demoing purpose to Business developed and demand to growing for policies to be ado benefited to consumer in future accident. i.e. Full Reconcilement of claims or to pay for service performed or refund of his compensation. But existent working on every phase for remunerate claims by underact and underrate with unexpressed to abjure one’s statement. Consumer’s has harassment merely on after procedure for refund of his claim and after new footings and status to be applied in inadvertent country, environments, position of vehicle etc. These are all activity of Insurance companies to increase of clients misgiving and frangible.

Insurance Companies applied new policies for increase of advantage in market portion. Some company misunderstood to consumer constructs. When vehicle has accident so procedure starts to claim refund on insurance liabilities. The insurance company has decline in claim sum at measure by measure analysis contents from 10 % to 40 % . The insurance companies have alterations service behaviour to client at the clip of refund of claim. These any authorities and private company has non to give responding and formal frame delivered to client. Customer idea has non foresight and speculation against formulated insurance policy. Insurance Employee has taken to work activity those benefited for company.

When claim is dismissed or reduced so client entreaty to consumer protection forum or judicial instance applied. Consumer has protected his right against insurance claim for vehicle. 80 % to 90 % Judgment issued favour to consumer/ suppliants. But insurance direction doesn’t to alterations or replaced to content in policy for old conclusive judicial factor against company. These are procedure applied with following new client or same accident factors. So the Numberss of claim are increased in consumer protection Act against to all insurance companies in twelvemonth to twelvemonth footing.

Logical factors of cut downing claim:

Normally factor in the accident instance motor insurance company to be adopt for discharged or cut downing of sum as given below

1. Not insurance involvement of consumer in policy

2. Vehicle runs in cab base on balls

3. Vehicle overloaded by goods or over riders.

4. Driver move of vehicle to incorrect side

5. Driver inordinate tally of vehicle or foolhardy thrust.

6. Policy Claim inquiring after the clip bound.

Case Study:1

The Numberss of Case merely of motor insurance company in consumer protection forum of all territory of Rajasthan province are increased from 2009 to 2013. Entire growings are 48 to 581 instances in the period. Consumer unsatisfactory ratios are increased in large per centum. All are instances shown in Table given below.

Consumer Cases Judgment in Rajasthan

Beginning: : Online judgement Data on the web site of NCDRC

S.

No.

Motor Insurance Company

Year wise No. of Case judgement

2007-08

2008-09

2009-10

2010-11

2011-12

1

National Insurance co. Ltd

8

76

89

146

137

2

The New India Assurance co. Ltd

6

98

43

98

124

3

United Insurance co. Ltd

28

212

174

147

154

4

Oriental Insurance carbon monoxide ltd

6

73

64

118

166

Beginning: – web site informations of www.ncdrc.nic.in

Figure Shown in Chart

Case Study- 2

Justification of Consumer by Mentally Harassment

In the accident instance vehicle proprietor is difficult torment for recovery of claim. As per claim sum recovery is leery status. Claim is deducted at uncertainness degree or factors added in undetermined clip of accident. Vehicle proprietor are three classs as high degree, medium degree, low degree. Mentally harassment phases of all classs are shown below in the undermentioned stairss.

Degree of Mentally Harassment from the phase of accident to retrieve of claim

Recovery Stage of claim

Factors effected into the insurance co. & A ; vehicle proprietor

Harassment Percentage on Economical Factor

Insured proprietor of High degree

Insured proprietor of Medium degree

Insured proprietor of Low degree

P.E.

( A )

N.E.

( B )

P.E.

( A )

N.E.

( B )

P.E.

( A )

N.E.

( B )

Casualty of accident

( 1 ) Self appraisal of claim recovery

0

100

5

95

25

75

( 2 ) Time period in fix of vehicle

20

80

25

75

100

0

( 3 ) Other gaining beginning of income & A ; household

disbursals manage

5

95

70

30

100

0

( 4 ) Harassment in policy instance / confirmation

0

100

20

80

80

20

( 5 ) Harassment by Opposite party/ individual

wherewithal occurred of accident

10

90

80

20

100

0

( 6 ) Amount agreement for vehicle fix

before the claim sum recovered

2

98

40

60

100

0

Repairing plants of vehicle

( 7 ) Repairing work order issued by insurance

company or non

0

100

15

85

30

70

( 8 ) Satisfaction of clip period in the repairing

of vehicle

2

98

40

60

100

0

( 9 ) Bantam Cash paid of repaired vehicle

by proprietor

0

100

30

70

15

85

( 10 ) Full payment of repaired vehicle by proprietor to mending shop/ authorized trader.

90

10

95

5

100

0

Recovery of claim sum by insurance Company

( 11 ) Delay of recover claim sum

20

80

50

50

90

10

( 12 ) Tax write-off on the claim sum

75

25

80

20

90

10

( 13 ) Insurance claim dismissed

0

100

10

90

20

80

After claim is dismissed

( 14 ) Do appeal into the tribunal

0

100

10

90

20

80

( 15 ) Court issued order into favour of proprietor

100

0

100

0

100

0

( 16 ) Court issued order into antonym of proprietor

0

100

10

90

15

85

# P.A. mean- Positive Effects & A ; N.A. mean- Negative Effectss

All above stairss of mentally harassment consequence in class wise

  1. High degree vehicle proprietor – Almost high degree proprietor are purchase a vehicle for easement and propensity. The meager consequence by accident instance on this proprietor. His positive thought above from negative thought in accident. After the accident in consequence is shown below.

  1. Medium degree vehicle owner- Medium category proprietor purchase a vehicle for little demands, consequence on societal degree or day-to-day everyday work. His positive thought same degree to negative thought in accident. After the accident in consequence is shown below.

  1. Low degree vehicle owner- A jurisprudence proprietor more consequence on his income degree after vehicle has accident. He is purchase vehicle of earned income, life of household or grip of societal liabilities. His Negative thought is more opposite to positive thought. After the accident in consequence is shown below.

Summary of Study

A Necessary think for all insurance company into the current concern market are publishing policy with clear cut point, respects and attending to consumer behaviour and advantages. The concern growing should be non merely a issue for earn net income but besides operate work for lessening of tribunal instances and alterations work manner for which issues appealed into the tribunal with better process follow favour to our consumer. Insurance company has taken a quality and flexibleness procedure into refund to claim. Following stairss are adopted for betterment in the service by insurance companies.

  1. Pass a surpassing policy with repayment clip period of claim submitted.
  2. Determined a liability to Manager or cut into salary/ allowances for under unreasonable factor.
  3. Most people belong to labour category and nonreader. He has non maintaining cognition of policy status and footings so give complete information and knowhow from insurance issued to claim.
  4. Give prevision information to consumer as how much reduction claim/deduction into cured policy, clip bound, procedure taken after accident etc.
  5. Control of policy adopt about already been tribunal has ordered which old issues and insurance company acquiring rereleased into claim dismissed or deducted for torment of client or do advantage favour for company.
  6. Issue discernable study policy work to same for all company as such study of inadvertent vehicle by any company surveyor at any collocation.

Mention of books and data’s

  • Claims Management in General Insurance Issues & A ; Concerns –

Authored By R.Qaiser, Ex Faculty Member, NIA, Pune

  • Risk & A ; Insurance- hypertext transfer protocol: //www.irmi.com
  • Insurance Concepts & A ; Coverage- Authored by Marshall Wilson Reavis
  • INSURANCE – Fundamentalss, Environment and Procedures – Authored by B.S.Bodla, M.C.Garg & A ; K.P.Singh, 2003
  • INSURANCE Management in the Reforms Era – Authored by Dr. S.C.Bihari & A ; Dr. S.K.Baral, 2007
  • Principles of Insurance Management – Authored by Neelam C.Gulati, 2007
  • Data’s of www.ncdrc.nic.in web site of consumer protection forum.