ABSTRACT
This undertaking is a pure investigation into our institution’s appreciation of insurance discipline. The purpose of this study is to determine the number of potential insurance buyers at the Institute of Management and Technology in Enugu, as well as whether or not the institute’s workers will purchase insurance from an insurance agency if one is founded.
In addition, the following objectives were established to carry out this inquiry.
1. To find out who could be interested in buying insurance at the Institute of Management and Technology (IMT). Enugu.
2. To advise the institute on the significance of establishing an agency of office in I.M.T.
3. To improve insurance services for buyers while reducing bottlenecks caused by outside agents and brokers.
4. To lower the institute’s insurance costs.
To put it another way,
CHAPTER ONE
INTRODUCTION
Most people in Nigeria today have only a rudimentary understanding of marketing’s role in the insurance sector. The function and role of brokers and agents in the insurance industry are frequently misunderstood.
It is vital to provide a brief definition of the topic matter before moving on to the next step of this project. Marketing is a function in business that helps with selling, as well as marketing research, promotion, distribution, service product scheduling, and so on.
Given that marketing is the process of determining what the consumer requires, the client, in most circumstances, does not know or is unaware of what he requires, leaving the agents and brokers with the task of persuading the proposal.
The primary goal of establishing an insurance business in a certain location is to raise insurance knowledge among the people in that area or environment. This bridges the gap between people and those who own insurance policies that will protect them from specific hazards. The establishment of an insurance agency at a facility will also assist the community within the facility to recognize and learn about certain hazards that they are unaware of. Given the institute’s role in the training of employees for the insurance business, the formation of an insurance agency at IMT has become increasingly vital.
However, despite its academic excellence, the more significant issue is a lack of general knowledge of the significance and benefits of insurance.
BACKGROUND OF THE STUDY
The formation of an insurance agency department in an academic environment such as IMT will provide insurance services that will be extremely beneficial to IMT employees and students in the insurance department. It will also serve as a means of potentially embedding insurance sales in insurance students, as well as lowering the institute’s insurance costs.
This will also benefit the insurance business, as it is a fundamental means of establishing a positive insurance image.
The department will also use the findings of this study as a criterion for measuring the venture’s profitability and as a workshop for students in order to meet the department’s personnel development goals for the insurance business.
STATEMENT OF PROBLEM
Despite adhering to the rules and regulations of the insurance supervisory authorities in which they operate, there are still certain issues with the establishment of an insurance agency in the institution, the most notable of which are:
1. Because the public is uninformed of the importance of insurance, it takes time for brokers and agents to become well-known. This is, in my opinion, a critical part of insurance marketing.
2. The institute lacks an insurance unit whose responsibilities include advising both the staff and the institution on insurance matters.
3. Because most insurance agents are viewed as crooks, the community requires a suc-an agency that is within their grasp for both advice and transactions.
OBJECTIVES OF THE STUDY
Growth is synonymous with development. Using Nigeria as an example, this researcher study aims to determine the characteristics that limit the growth of insurance agencies in emerging countries.
The study will also provide solutions to the identified roadblocks.
RESEARCH QUESTIONS
This section of the research examines a method for determining how the insurance firm has performed over time. It might also be beneficial to consider certain other factors, such as;
1. The role and function of insurance agencies in IMT
2. How beneficial to the insurance sector has the establishment of an insurance agency been?
3. How has the general public reacted to the agency’s knowledge over time?
4. What is the Nigerian government doing to address the lack of insurance awareness or consciousness among ordinary Africans?
5. What are the solutions to the challenges that the insurance agency is facing?
SIGNIFICANCE OF THE STUDY
This research will be extremely beneficial to the IMT personnel and students in the insurance department. It will also serve as a means of potentially embedding insurance sales in insurance students, as well as lowering the institute’s insurance costs.
This will also benefit the insurance business, as it is a fundamental means of establishing a positive insurance image.
SCOPE OF THE STUDY
The research is limited to the institute, IMT employees, and insurance companies and agencies in Enugu State.
LIMITATION OF THE STUDY
RESTRICTIONS ON FINANCIAL RESOURCES
Typically, funding is a key issue that arises in the course of this research, making it tough for me to obtain the essential data. Also, due of confidentiality, those interviewed were hesitant to share information.
CRISIS IN POLITICS
Because of Nigeria’s political uncertainty, many things are moving as they were before, producing a slew of problems for the country. Because of this, the cost of living has risen dramatically. Fuel and kerosine are no longer available, and if they are, the price will be exorbitant.
PROBLEMS AFFECTING ESTABLISHMENT OF INSURANCE AGENCY IN IMT
DEFINITION OF TERMS
At the conclusion of this study, certain terms must be defined in order for readers to understand the words while reading the work.
Agents: These are insurance intermediaries who are properly licensed and qualified to introduce business to the insurer.
Assurance: It’s the same as insurance, but it’s utilized in the context of a move-sured event, such as life contracts.
A broker is someone who buys and sells on behalf of others. They are recognized as experts in their field. They are also involved in the placement of insurance business.
The grounds of a school, college, or university are referred to as a campus.
Customers: Customers who hire the advertising agency’s services.
A commission is a monetary payment made to an agent for bringing in new business, usually in the form of a percentage.
Institution: A non-profit organization dedicated to a specific educational goal.
Lecturers are those who deliver lectures. They are the professor’s juniors.
A policy is a written declaration of the terms of an insurance contract.
Any part of the population, or figuratively, if the population is a set, then the sample is a subset of that set.
Sum insured: This is the amount covered by the life insurance policy that becomes due as a claim if the policyholder dies or the policy expires.
The price paid for a life insurance policy is referred to as the premium.
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