DEVELOPMENT OF COMPENSATION PAYMENT MANAGEMENT MODEL OF INSURANCE COMPANY GROUPS IN LINE WITH THE POLICY OF THE OFFICE OF INSURANCE COMMISSION

Abstract

The objectives of this research article were to study the compensation payment management model of insurance company groups, to study factors affecting the development of compensation payment management model of insurance company groups and to propose the development of compensation payment management model of insurance company groups in line with the policy of the office of insurance commission applying mixed method: the quantitative research collected data from 450 samples with questionnaires and analyzed data with descriptive statistics. The qualitative research, data were  collected by in-depth-interviewing from 18 key informants 10 participants focus group discussion to confirm the model and analyzed data by descriptive interpretation. Findings were found that: 1. Model comprise exogenous latent variable two variable be management and control and support endogenous latent variable two variable be compensation payment management and integration four iddhipada2. The model was consistent with the empirical data with the qui-square value at 144.20, degree of freedom at 118, probability at0.051, goodness of fit index was at0.94, and root mean aqare error of approximation was at 0.041. Management have influence to efficiency of the compensation payment management model of insurance company groups with the statistical significance value at 0.01 respectively. Control and support no have influence to compensation payment management model of insurance company groups but to influence four iddhipada with the statistical significance value at 0.01 have equal 50% 3.The developed model consisted of two external latent variables, management, control and support and two internal latent variable: compensation payment management model of insurance company groups and four iddhipada.