MARKETING OF LIFE INSSURANCE POLICIES IN NIGERIA PROBLEMS AND PROSPECTS

  • : Ms Word Format
  • : 70 Pages
  • : ₦3000
  • : 1-5 Chapters
  •  
  • Click to DOWNLOAD Materials

 MARKETING OF LIFE INSSURANCE POLICIES IN NIGERIA PROBLEMS AND PROSPECTS

ABSTRACT

In Nigeria the issue of taking life insurance policy has been neglected in the sense that at this presence time, it is estimated that not up to two percent (2%) of Nigerians own life insurance policies due to poor education and inappropriate marketing strategies for this fact, the benefits and role life insurance plays in this country is being viewed from a very crooked point thereby making it slightly visible. This study therefore focuses on marketing of life insurance policies in Nigeria.

The population of the study comprises both staff and customers of Leadway Insurance Plc Enugu. A sample size of fifty (50) was selected made up of 20 staff and 30 customers. Both primary and secondary data were collected. Questionnaire coupled with personal interviews were the main research instrument. The data was analyzed by the use of chi-square statistical method. The study came out that insurance companies in Enugu state (Leadway Insurance) exercise their marketing functions and strategy mainly through advertising and sales promotions as a guide to customer profit motive and competitive tool. It was recommended that insurance companies should endeavor to establish a monthly publication. Such publication will serve as strong public relations machineries in promoting the image of insurance industry.

 

MARKETING OF LIFE INSSURANCE POLICIES IN NIGERIA PROBLEMS AND PROSPECTS

 

TABLE OF CONTENTS

Title Page

Table of Contents

CHAPTER ONE:

INTRODUCTION

1.1        Background of study

1.2        Statement of Problems

1.3        Objective of the Study

1.4        Research Questions

1.5        Research Hypothesis

1.6        Significant of the study

1.7        Scope and Limitation of the study

1.8        Definition of the Terms

CHAPTER TWO

Literature Review

2.1        An overview

2.2        Historical Development of the Case Study

2.3        Historical Development of life Insurance in Nigeria

2.4        How individual life Insurance are Transacted

2.5        Special Characteristic of Marketing Life Insurance

2.6        The Impact of life Insurance Policies on the Society

2.7        Marketing Strategies of Life Insurance Policies

2.8        Problems Facing Marketing of Life Insurance

References

CHAPTER THREE

Research Methodology and Design

3.1    An overview

3.2    Sources of Data

3.3    Population of Study

3.4    Sampling Size Determination

3.5    Questionnaire Administration

3.6    Method of Data Analysis

References

CHAPTER FOUR

Data Presentation, Analysis and Discussion Of Findings

4.1    An Overview

4.2        Testing of Hypothesis

4.3    Discussion of Findings

CHAPTER FIVE

Summary of Finding, Conclusion and Recommendation

1.1          Summary of Findings

1.2        Conclusions

1.3        Recommendations

5.4    Suggestions for Further Studies

Bibliography

Appendix

CHAPTER ONE

INTRODUCTION

1.1    Background of the Study

          In Nigeria, the issue of taking life insurance policy has been neglected, in the sense that at this presence time, it is estimated that not up to two percent (2%) of Nigerians own life insurance policies. For this fact, the benefits and roles life insurance plays in this country is being viewed from a very crooked point thereby making it slightly visible.

Moreover, the life insurance industry has entered on era of accelerated change as a result of increased competition in the products and pricing within all the insurance sectors. Hence professional marketing management is now a prerequisite, if a company is to return or advance its position in the competitive hierarchy, they must follow suit.

However, before choosing the kind of cover to take, the intending assured should first of all sit down and analyzed his need. Life insurance has been said to be for those who live too long and those who die too soon. The needs of people in both these categories can be met.  Most salary earners and wage earners have other people depending on them, it could be parents, a wife, children or even brothers and sister. In life insurance programs, funds are accumulated through payments made by the assured person called premium so that, should death occur, prior to a specified date or upon survival at an agreed period funds would be made available from the scheme to pay whatever benefits that are due. marketing of life insurance policies project topics

The idea of assistance and association is not new to the Nigerian society. Various town and clan unions and social dubs, have various ways of showing benevolence to their bereaved members as discussed earlier. It is customary for people to pay condolence visit and present a sympathy purse. These practices are similar to mutual life insurance.

However, life insurance as practiced today is part of the nation’s colonial heritage. Obviously, the British introduced life insurance into Nigeria, hence the practice closely follows, the British pattern.      The earliest colonial insurance interest in Nigeria was directed to the general insurance of goods and cargo.

Few life businesses which tricked in were referred to British Home Officers in London for processing. Only the affluent could afford it then because it was considered as enormous risk to insure person living in the tropics and the cost of providing such life cover was very expensive and uneconomical.

With independent in 1960, life insurance started to change. Lead way Insurance Company was incorporated between Nigerians and expatriates. It therefore became the life specialist’s underwriter. Within the same period, the Nigerian life and pension consultants together with the Nigeria universities management consultant indicated the development of group life and pensions scheme in Nigeria. Before 1960, many Nigerians shunned the idea of effecting life insurance cover. They felt generally that the insurance agents were wishing them bad-luck, premature death and therefore would never have anything to do with the insurance and their agents.

1.2         Statement of the Problem

  1. a)   Lack of statistics which result to problem in payment of benefits.
  2. b)   Inability by insurance marketer to design policies which will meet the current change in the society.
  3. c)   The effect of insurance image in Nigeria due to tribalism, religions strife etc.
  4. d)   The low demand for life insurance policy which could be attributed to lack or poor education and inappropriate marketing strategies.

All have contributed to the problem which tends to impede development of life insurance in the Nigeria society.

1.3    Objective of the Study

Having been exposed to the problems, we have to look into what the researcher intends to achieve which is as follows;

  1. a)   To provide a new statistical method that will enhance payment of benefit
  2. b)   To identify those policies that suits the current demand in the society
  3. c)   To promote insurance image and enhance inhabitance co-existence in the society
  4. d)   To provide a strategic method in marketing life insurance polices and promotes public awareness.

1.4    Research Questions

  1. Are there any method used in valuing payment of benefit?
  2. Does the organization carry out marketing research to know the current trends of an event in the society?
  3. Does socio-cultural beliefs of the society affect the operation of life insurance policy?
  4. Does lack of public awareness hinder the activities of life insurance

1.5    Research Hypothesis

Ho:  Insurance companies have no strategic method in

marketing life insurance policy.

H1:  insurance companies have strategic method in

marketing life insurance policy.

1.6    Significance of Study

The study of the problems facing marketing of life insurance companies is significant in many ways, especially to the insurers, the life insurance intermediary and the insuring public. marketing of life insurance policies

Hence at the end of this study, the insurers and the life insurance intermediaries will be able to identify the problem militating against the effective marketing of life policy in the society. The study is also meant to highlight the need for adequate sales promotion methods, advertising principles and understanding of the life insurance policy.

Finally, it points out the need for marketers in the life insurance industry to appreciate the concepts, strategies and application of marketing as a spring board for growth and also the need for them to work with the actuaries of the life policies to specific target markets.

 MARKETING OF LIFE INSSURANCE POLICIES IN NIGERIA PROBLEMS AND PROSPECTS. GET MORE INSURANCE PROJECT TOPICS AND MATERIALS

Leave a Reply