European Journal of Business and Management www.iiste.org ISSN 2222-1905 !aper" ISSN 2222-2#$9 %nline" &ol.'( No.21( 201)
1' +onsumers +an resort to so man3 different inds of a+tions in settling dissatisfa+tion. *or instan+e( +ustomers +an tae pri6ate or pu/li+ a+tion Ba+lund Holmg6ist( 200'". Insuran+e pro6iders need to /e +areful and pro6ide ade?uate ser6i+e to teir 6arious +ustomers to a6oid an3 misunderstanding tat +an end up in +ourt for redress. ;is stud3 e7amines ow life insuran+e industr3 is performing in 8ana.
#. $ateria%s and $ethods
3.1 Area of Study
;is stud3 was +ondu+ted witin Cife Insuran+e @ompanies in umasi Metropolitan 4ssem/l3 to a6e an in-dept understanding and appre+iation of ow +ustomers assessed te performan+e of te industr3. It is also aimed at identif3ing inno6ati6e measures and te+nolog3 deli6er3 +annels tat life Insuran+e @ompanies a6e deplo3ed to ensure +on6enient insuran+e. ;e stud3 was limited to Cife 4ssuran+e @ompanies in umasi metropolis. umasi is te +apital of te 4santi region of 8ana and terefore +onsidered appropriate /e+ause most insuran+e +ompanies a6e /ran+es lo+ated in it( to ser6e te middle /elt.
;e target population for tis stud3 +onsists of all +ustomers of life assuran+e industr3 wit /ran+es in umasi Metropolis as at Ma3( 201$.
3.3 Sampling Design, Size and Procedure
4 sample sie of tree undred and tirt3 $$0" was sele+ted from te +ustomers of some life assuran+e +ompanies operating in umasi Metropolis as at Ma3( 201$. ;e +ompanies are ; life insuran+e( ME; life insuran+e( 8li+o life insuran+e( !ro6ident life insuran+e( Kualit3 life insuran+e( Star life insuran+e( !oeni7 insuran+e( onewell insuran+e( SI@ life insuran+e( E7press life insuran+e and Enterprise life assuran+e. 4ll te ele6en 11" /ran+es of te life assuran+e +ompanies in umasi were +onta+ted for te stud3. In ea+ /ran+( tirt3 +ustomers were sele+ted using purposi6e sampling. ;is metod was +osen /e+ause te resear+ers targeted +ustomers of te life assuran+e +ompanies. ;is made te sample sie to /e tree undred and tirt3 $$0" tat is $0 +ustomers in e6er3 /ran+ multipl3 /3 11 insuran+e firms". ;e resear+ers emplo3ed pro/a/ilit3 te+ni?ue to sele+t sample respondents for in+lusion in te sample for te stud3. ;e3 used random sampling te+ni?ues to sele+t all te elements. !rimar3 data for te stud3 were o/tained wit te aid of ?uestionnaire administered personall3 to te respondents. ata +olle+ted in+luded +laim assessment( assessment of premium pa3ment( +ustomer +omplaining issues( and +ustomer swit+ing in insuran+e +ompanies. Information on general +ara+teristi+s of +ustomers were also o/tained. ata gatered were anal3sed using des+ripti6e statisti+s. ;e sur6e3 data were +oded( 6erified and +leaned up( and ten entered and anal3sed using te S!SS programme. ;e findings of te stud3 were presented using appropriate ta/les and +arts to ensure eas3 interpretation.
;e sur6e3 distri/ution period of tis paper lasted from Ma3 to Septem/er 201$. 4 total of $$0 ?uestionnaire were +olle+ted.
&. 'esu%ts and (iscussion
4.1 General Caracteristics of te !espondents
;e general +ara+teristi+s of te sample are reported in ;a/le 1. In terms of gender distri/ution( male respondents of te o6erall sample are iger tan female respondents /3 )5.)' >. In terms of age( te result indi+ates tat ma<orit3 ='.$' >" of te respondents were witin te age group of 21-50. ;is means tat te +ustomers are relati6el3 3oung and +an +ontri/ute towards effe+ti6e insuran+e s3stem in te e+onom3 o6er a longer period. In terms of edu+ational /a+ground( te +ustomers of life insuran+e +ompanies tended to /e igl3 edu+ated( te ma<orit3 ad eiter a first degree or iger national diploma ?ualifi+ation. ;is means tat life insuran+e industr3 as a/le and igl3 edu+ated +ustomers wo understand te operations of te industr3. ;is in te long run will elp transfer nowledge and ideas easil3 among /ot +ustomers and mem/ers of staff. @laim( premium( +omplaining issues and swit+ing 6aria/les are e7amined separatel3 in te following se+tion.
4.2 Claim Assessment "ssues
;is se+tion of te paper presents an anal3sis of findings of te sur6e3 wi+ e7plored ow insuran+e +ompanies in 8ana deal wit teir +laims.
;e respondents +laimed tat pro6iding te do+uments posed a +allenge and terefore one of te ma<or +auses of te dela3. ;e3 are not made aware of te +orre+t do+uments re?uired in times of disaster. 4gain( te3 find it diffi+ult to gater all te do+uments re?uired /3 te insuran+e +ompan3. ;e3 ma3 not a/le to get all te preferred +ertifi+ates and do+uments due to dela3 from go6ernment offi+es and oter state agen+ies. E7amples of su+ do+uments in+lude deat +ertifi+ate in +ase of Muslims( a testimon3 from +ief Imam"( identifi+ation proof of te insured and nominee( original poli+3 /ond( postmortem report and potograp of te person at te a++ident pla+e( first information report( among oters. It is impossi/le for a +ountr3 lie 8ana to pro6ide te potograp of a person at te a++ident site.
4s indi+ated in ;a/le 2( '$.') > of respondents reported tat te3 see +laim pa3ment /3 life insuran+e