The Effect of the Claim Recovery Process on Claim Payments in Insurance

Research output: Contribution to journalArticlepeer-review

Abstract

The policies and tactics used by an insurance company to effectively handle and recover claims are referred to as the claim recovery process policy. Ensuring total operational stability, preserving customer satisfaction, and limiting financial losses all depend on this approach. The recovery process policy is covered in this study along with how it affects how well a corporation manages risk. A review of the literature and interviews with many employees are part of the research methodology. It was discovered that one of the insurance companies in Indonesia still needed to improve (digitize) its current policy regarding the recovery process. This included paying claims directly to customers before invoicing reinsurance companies, as well as improving collection techniques that reinsurance companies still deemed insufficient. There is a noticeable variation in strategy when comparing the policies of multiple businesses; claims are filed with the reinsurance company first and are then reimbursed to the clients. The study's findings demonstrate the necessity of enhancing and streamlining the insurance company's recovery procedure.

Original languageEnglish
JournalJurnal Administrasi Bisnis dan Terapan/Vokasi UI
Volume6
Issue number2
DOIs
Publication statusPublished - 30 Jun 2024

Keywords

  • customer claims
  • insurance
  • sharia insurance
  • recovery process
  • reinsurance
  • sharia reinsurance

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