The main mission of insurance is to compensate for the damage that occurred to the insured, by paying companies to compensate and fulfill the promise concluded in the policy, which leads to customer satisfaction. This goal can be achieved by managing compensation with due efficiency and effectiveness. Amani Al-Mahi, sector head at Misr Insurance Company, said that compensation management achieves the organization’s goals at the lowest cost, while there are many challenges facing insurance companies to achieve that goal.
It focused on the fact that the speed of settlement of compensation is one of the most important factors for customer satisfaction, and at the same time it leads to reducing the costs of handling compensation, which reduces loss rates and, consequently, the profitability of companies in the sector. She stressed that the speed of settlement of compensation must be accompanied by a complete audit of it and taking sufficient time to study it and uncover fraud and deception, which will have negative effects on the rate of customer satisfaction.
She pointed out that studying compensation requires a lot of examination and scrutiny, which could result in the dissatisfaction of all corporate clients with the delay, and therefore, insurance companies must find the right balance between efficiency, effectiveness, and speed in settling compensation. She added that insurance companies must monitor customer satisfaction rates with the services of parties involved in insurance operations, as some of them resort to trying to get closer to the insured at the expense of insurance companies.