The Impact of Insurance Strategic Planning on Insured Dispute Resolutions

THE IMPACT OF INSURANCE STRATEGIC PLANNING ON INSURED DISPUTE RESOLUTIONS

By

Sunday Sunday Akpan

Department of Banking & Finance/Insurance

University of Uyo, Uyo;

Akwa Ibom State, Nigeria

Email: thesun4all@yahoo.com

Phone: 08032196839; 08022878266

Abstract.

This paper investigates the concept of strategic planning by insurance companies. The focus is on how effective strategic planning can help in resolving insured disputes which are probably a rising phenomenon in today’s insurance and specifically claim practices. This investigation becomes necessary now that all efforts are geared toward restructuring virtually every sector of the economy for sustainable growth and development. And knowing how vital insurance sector is to the entire economy it would be difficult if not impossible for the sector to contributes meaningfully to the much desired economic growth and development in Nigeria should there continue to exist the rampant cases of disputes between the insurer and the insured. This paper presupposes that a careful strategic planning by insurance companies can bring insured dispute to a halt without involving in expensive litigation and any other conventional means of dispute resolution. From a qualitative investigative approach employed, it was discovered that strategic planning by insurance helps in insured dispute resolution by means of planning for an incentive-based claim administration, proper policy wording, implementation of insured-agent difference free programmes and providing resources for disputants to reach board of Directors for a round-table discussion.

Key Words: Strategic Planning, Insured Dispute, Dispute Resolution

1.0 Introduction

If there is any area of great concern for insurance companies, it would be how to serve their customers well, especially in the event of dispute that may arise between them and the insured. This assertion owes to the belief of experts such as Steinle (1994) and Baker (2010). According to these experts,...