THE GOAL OF EFFECTIVE MANAGEMENT OF LIFE ASSURANCE IN NIGERIA INSURANCE INDUSTRY (STUDY OF LEAD WAY ASSURANCE PLC)
This research report examines the goal of effective management of life assurance product in Nigeria insurance industry; focusing specifically the Leadway Assurance Plc. The objectives of the study were identified which includes to know the important benefits of life assurance business in Nigerian economy; to evaluate claims procedures in life assurance business; upon these objectives, the research questions were formulated, the significance of the study evaluated and the scope and limitation identified. The literatures relating to the topic under review. The researcher used both the primary and secondary source as the source of data, the sample and population of study ascertain, questionnaire and oral interview were the major instrument used for data collection. From the analysis and interpretation of the data collected the researcher found out that the image of insurance industry in Nigeria is retarded because of their inability of settle claims promptly and that life assurance helps to reduce the growth level of economic insecurity in the country. Upon the findings and conclusions the researcher recommended that there should be reduction in the level of unethical practice by the insurance practitioners in Nigeria and that the government together with the industry should embark on massive campaign seminar and workshops to educate the public on the important of life assurance product to the economy.
1.1 BACKGROUND OF THE STUDY
The field of insurance has taken a giant leap at the threshold of twentieth century. Insurance has become an integral part of life of man all over the globe. The proverb “used in the mother of invention” is providing equally correct in case of insurance, insurance has already had a considerable impact on many aspects of our society. Claims management in life assurance is another important aspect of insurance. It is complex in nature that is true but it is a driving force to plant confidence in the heart of the insuring public and as well proffer the image growth and development of insurance business in Nigeria.
Claims management in life assurance business is one of the most challenging business process in the insurance industry. With the number of stockholders involved, the to eliminate manual inventions. For many life assurance companies, claims management is expected to run the claim process efficiently and keep expenses low, but popularities afforded through effective data management in effect, the data captured in the claim process which all too often are under utilized, are rich in variable information for those who know how to extract and analyze it.
Claims management is an expert system which generated the rules and regulations for the assessment of claims using key information contained in medical reports; surveyor report, loss assessor’s reports, claimant’s petition and the procedures or condition and warranties contains in the policy document.
Effective and efficient management of life assurance claims in Nigeria insurance industry will help to reduce the bad conception of the insuring public that insurance is in concept not in practice.