Settlement of losses as the basis for the positive financial result of an insurance company

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Journal paper

Russian Journal of Entrepreneurship *
Volume 17, Number 23 (December 2016)
* Этот журнал не выпускается в Первом экономическом издательстве

Citation:

Abstract:
The article reviews the subject of the effect from the process of settlement of losses in an insurance company on its financial result. Nowadays, insurance companies have faced the need to increase the operational efficiency that depends on the quality of settlement of losses. The author stresses out five stages in the cycle for management of the settlement of losses as well as criteria used to evaluate the work of the service for settlement of losses on the basis of which it is possible to optimize the outgoing money flow of an insurance company, thus, to optimize its losses. Expenses related to the activity of an insurer as for the settlement of losses both as insurance premiums and expenses for conducting of business have a significant effect on the cost of an insurance company. Nowadays many companies centralize various functions, including the settlement of losses. The performed study shows the fact that insurance companies are guaranteed to receive a positive result if they clearly understand the current level of effectiveness of the activities aimed at settlement of losses. It is achieved via analysis of key indicators, as well as via implementation of the certain scenario.

Keywords: insurance company, insurer, settlement of losses, insurant, insurance contract

JEL-classification: G32, G22, O21

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