Abstract:
"Motor insurance has become as an essential aspect of daily life playing a significant role in providing cover mainly to road vehicles and third-party lives and property against accidental damage and many other perils including natural disasters. However, majority of insurance companies have experienced an increase in their customer churn rate in recent time which has become a significant issue in the motor insurance industry in Sri Lanka. Since the premium received by customers is their main source of income, this has raised concerns among insurers regarding their sustainability in the insurance market.
Based on the statistical review uploaded by the Insurance Regulations Commission of Sri Lanka (IRCSL) in 2022, there has been a significant drop in the overall Gross Written Premium (GWP) of the insurers in the motor insurance domain which means that there is a large decrease of the total direct and assumed premium written by an insurer.
Therefore, the key aspect of this study would be how insurance companies could overcome the challenges they face due to high customer churn by enhancing customer satisfaction and awareness of their products and services. The “Insurease” solution would include optimizing the customer experience by allowing customers to access the services and products of the insurer hassle-free and solve issues related to their insurance products in no time."
