Factors Influencing Automobile Underwriting
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Case Details:
Case Code : INS008
Case Length : 03 Pages
Period : 2003
Pub Date : 2003
Teaching Note : Available
Organization : Varied
Industry : Insurance
Countries : India
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Caselet 01
Henry Frodo and his family planned to spend their holidays in Visakhapatnam.
But due to a slight vision problem, he requested his neighbor Sunny to
accompany him and his family, and assist him in driving the car. Sunny, who
was pursuing his graduation, had summer vacation. He was a very rash driver.
The route to Visakhapatnam, the National Highway 5, was a very busy road.
Frodo's car was also not in a good condition. The bumpers were already loose
and the front glass was damaged. The rear view mirror too was broken. The
car was insured with the Minerva Auto Insurance company...
Caselet 02
Anand Nihar, the owner of Nihar Transport Limited was talking about insuring the company's vehicles, with his manager Ramgopal Badri.
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"Most of the leading private insurance companies like
Bajaj-Allianz General Insurance, Tata-AIG General Insurance and
Iffco-Tokio Marine General Insurance are discouraging their offices from
writing motor insurance policies on models like Qualis, Lancer, Palio,
Indica and Sumo, because they are considered to give high loss-claim
ratios," said Nihar. Badri said, "Though most of the vehicles are
registered with the RTO for individual use, they are used illegally for
taxi purpose. And private taxis experience greater wear and tear.
Moreover in cases where the cost of replacement of parts is high, some
insurance companies are either unwilling to insure such vehicles, or
incorporating high deductibles in their policies. Incorporation of high
deductible is going to adversely affect our bottomline."... |
Please note:
This case study was compiled from published sources, and is intended to be used as a basis for class discussion. It is not intended to illustrate either effective or ineffective handling of a management situation. Nor is it a primary information source.
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