THE IMPACT OF PROPER UNDERWRITING IN PROMOTING INSURANCE IMAGE IN NIGERIA

THE IMPACT OF PROPER UNDERWRITING IN PROMOTING INSURANCE IMAGE IN NIGERIA

ABSTRACT

An insurance company is a legal entity that insures an insured person against certain contingencies in return for payment of a predetermined amount called a premium. When underwriting insured risks, insurers accept risks with different risk profiles, but these risks are accepted under different conditions. There was little trust in the insured due to the lack of expertise in the underwriting department. This study is therefore an exploratory study to determine the impact of proper underwriting on promoting insurance image in Nigeria. The study population includes both insurance companies and Niger Insurance plc Enugu policyholders. Both primary and secondary data were collected. Data were analyzed using the chi-square statistical method. The study came to the conclusion that for correct underwriting to promote the image of insurance, insurance companies must establish rules for hedging the average proportion of good risk. Exceptionally, insurers need to be careful when choosing claims to avoid being too enthusiastic about receiving premiums and not being too reluctant to respond to claims. It was recommended that there be

table of contents

title page

wrap up

table of contents

chapter One:

Foreword

1.1 Research background

1.2 Problem

1.3 Purpose of the survey

1.4 Research question

1.5 Research hypothesis

1.6 Significance of research

1.7 Scope and Limitations of the Investigation

1.8 Definition of terms

References

Chapter 2

literature review

2.1 Overview

chapter One

Foreword

1.1 Research background

An insurance company is a legal entity that covers the financial consequences of the occurrence of certain unexpected insured events affecting insured persons. They offer this perk in exchange for paying a predetermined amount called a premium. By grouping similar risks together, an insurance company transforms an unpredictable event that occurs to one person into an expected event that affects one of the policyholders. When underwriting insured risks, insurers accept risks with different risk profiles, but the acceptance of these risks is subject to other conditions, such as: B. Charge additional premiums and apply exclusions or waiting periods to restore the necessary homogeneity of risk to the portfolio. It also stems from a low level of modern technology and facilities to improve the underwriting process, a lack of expertise in the underwriting sector of the insurance industry, and low investor confidence in wanting to invest. There are also problems with the implementation of the activities of This study is therefore an exploratory study to determine the impact of proper underwriting on promoting insurance image in Nigeria.

However, Niger insurance companies have developed a talent for assessing anti-section effects in risk assessment. He uses two key considerations when they assess risk. Moral hazard, on the other hand, is related to the applicant’s reputation, financial status, or criminal record. When insurers evaluate insurance claims, they follow a very thorough thought process to identify moral and physical risks. In promoting the image of insurance in Nigeria, the insured knows better than anyone the risks to their property, business or health. This underwriting is performed each time an insurance application is made. Its purpose is to determine whether the application presents an acceptable risk to the insurer and whether the insurer will issue an insurance policy to the applicant. The main effect of insurance underwriting is to help insurers create homogeneous portfolios by assessing risks and accepting them under similarly behaved conditions. This is intended to promote a good insurance image.

1.2 Problem Description

Below is my explanation of the problem.

Lack of inadequate risk assumptions undermines the image of insurance as there is little modern technology or equipment to improve the insurance process. Inadequate risk assessment due to lack of experts leads to loss of trust of the insured. Inability to provide the best possible risk protection advice to individuals and businesses seeking risk protection

1.3 Purpose of the survey

Researchers tend to achieve the following:

Me. Evaluate factors that promote insurance image and improve proper underwriting process.

ii. explain the public impact and promote insured confidence in insurance;

iii. To determine whether the underwriter advises the client to seek protection.

1.4 Research question

of. What are the factors that improve the proper underwriting process?

b. What is the public importance expected of the insured person? c.