Marketing Of Insurance Services In Nigeria: Problems & Prospects

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Abstract

The study was designed to evaluate marketing insurance services in relation to
prospects and challenges by building marketing strategies in insurance service
sector & how these strategies boost sales & marketability of a product
which ultimately lead to customer satisfaction. The insurance scenario faces
multiple challenges such as increased costs of operation, regulatory pressures,
and inflexible technology infrastructure. These pressures are compounded by low
to moderate premium growth & the increasing burdens of regulatory
compliance. Keeping all the above problems around the study would attempt to
study all the factors that contributed to the effective marketing strategies.
This paper presents different marketing strategies that are taken up in life
insurance services keeping in view external and internal environment of the
firm. Marketing strategy is the basic approach that the business units will use
to achieve its objectives, and it consists of broad decisions on target
markets, market positioning and mix, and marketing expenditure levels. As the
financial services sector has become more competitive, financial institutions
need to consider, ways of developing relationships with their existing
customers in order to defend their market share. Strategic dimension of
marketing should focus on the direction that an organization would take in
relation to a specific market or set of markets in order to achieve a specified
set of objectives. Every insurer must recognize that its "strategic posture"
depends partly on the competitive environment, partly on its allocation of
marketing resources




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(2015, 09). Marketing Of Insurance Services In Nigeria: Problems & Prospects.. ProjectStoc.com. Retrieved 09, 2015, from https://projectstoc.com/read/6411/marketing-of-insurance-services-in-nigeria-problems-prospects-6540
"Marketing Of Insurance Services In Nigeria: Problems & Prospects." ProjectStoc.com. 09 2015. 2015. 09 2015 <https://projectstoc.com/read/6411/marketing-of-insurance-services-in-nigeria-problems-prospects-6540>.
"Marketing Of Insurance Services In Nigeria: Problems & Prospects.." ProjectStoc.com. ProjectStoc.com, 09 2015. Web. 09 2015. <https://projectstoc.com/read/6411/marketing-of-insurance-services-in-nigeria-problems-prospects-6540>.
"Marketing Of Insurance Services In Nigeria: Problems & Prospects.." ProjectStoc.com. 09, 2015. Accessed 09, 2015. https://projectstoc.com/read/6411/marketing-of-insurance-services-in-nigeria-problems-prospects-6540.

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