Challenges Of Marketing Insurance Services In A Democratic Government Of Nigeria (a Case Study Of Imo State)

TITLE PAGE         PAGES

Title Page          i

Approval Page         ii

Dedication          iii

Acknowledgement         iv

Abstract           v

Table of Contents        vi

CHAPTER ONE

1.0 Introduction        1

1.1 Background of the Study       3

1.2 Objective of the Study        5

1.3 Research Question       5

1.4 Research Hypothesis       6

1.5 Significance of the Study       7

1.6 Scope and Limitation of the Study      7

CHAPTER TWO

2.0 Review of Related Literature      10

2.1 Old Laws and Practice        10

2.1.1 Decree 55 of 1991       11

2.1.2 Insurance Decree 1997      16

2.2 Classification of Insurance Business    16

2.3 Challenges Posed to Marketing Insurance Principles 20

2.4 Premiums          21

2.5 Renewals          23

2.6 Claims Settlement        27

CHAPTER THREE

3.0 Research Methodology       31

3.1 Source of Data         31

3.2 Sample          32

3.3 Method of Data Collection      33

3.4 Model of Data Analysis       35

CHAPTER FOUR

Data Presentation and Analysis      36

Testing of Hypothesis        40 

CHAPTER FIVE   

5.1 Summary of Findings        44

5.2 Conclusion         45

5.3 Recommendation        46

 Bibliography         47

 Appendix          48

Substantial challenges face any organization’s intent on getting the future first.  The challenge, how to navigate from here to there, arise institution struggle to plot a course through an increasingly inconsistent environment, where experience is rapidly devalved and familiar landmarks no longer serve as guideposts never before competitors, partners, suppliers and buyers have been so indistinguishable.  

Marketing is about CUSTOMER MANAGEMENT, namely, finding, acquiring, developing and keeping customers, profitably.  Given the characteristics of the Nigeria market, marketing excellence has never been more challenging and imperative.

As in other climes, the Nigerian Insurance marketing buttle is in distribution, as the various channels wrestle for ownership and control over the customer relationship.

The importance of customer ownership has heightened by proliferation in application of information and communications advances that will control the why insurance is sold in the future, as the market is witnessing today.  Indeed, in a number of the marketing developments evolving, technology is a common theme.

As with the Nigerian population, the insurance industry is rapidly growing into the technological realm.

To take a cue from marketing developments in other climes, there is the need to propel a broker channel.  This has been achieved in Australia via the burgeoning application of client placement facilitates (CPF) and the formation of network/cluster groups.

The CPF allows brokers to place cost effectively and automatically any business that fits the predetermined criteria into a facility that is underwritten by a small panel of insurers.

The eligibility criteria for using the facilities are very broad, which increases convenience and efficiency for both the brokers and panel insurers.      

Which is handed electronically with the remainder handled by panel insurers’ underwriters.  In essence, the facility provides not only cost saving but also revenue generation, for both the broker and also insurers in the panel.  The CPF is more than a scheme.  For instance it has enabled the larger international brokers to compete cost effectively for smaller and medium sized corporate business.

In such a congested and over supplied market with a rich diversity of customer needs and behaviours, it is difficult to standout, let alone create the required name awareness in the whole market.  Consequently, while all of the largest insurers have a fairly diverse market presence, many of them are intensifying their already significant achievements in building stronger.  Presence in a tener number of segments (however defined) rather than a limited presence across the whole market.