PROJECT TOPICS || HIRE A WRITER || DOWNLOAD || CONTACT US

INTANGIBILITY OF INSURANCE POLICIES AS A SET BACK TO BETTER SERVICE DELIVERY IN NIGERIA

ABSTRACT

The intangibility of insurance plans is being debated as a barrier to effective service delivery. This is the evolution of insurance policies or business practices over time. There are five chapters in this work. The first chapter covers the introduction, the statement of difficulties, the study’s aims, the research question, the study’s importance, the scope and constraints, and the definition of words. The literature review, historical trends, and other topics are covered in Chapter 2. The third chapter examines research technique, including data sources, study population, instrument use, and instrument validity. The findings and discussions of the findings are covered in Chapter 4. Conclusion and recommendations are covered in Chapter 5. The book came to a close with a bibliography and an appendix.

CHAPTER ONE

INTRODUCTION

BACKGROUND OF THE STUDY

Despite the federal government’s launch of the structural adjustment program (SAP) in July 1986 to battle and address the economic crisis that had persisted since 1980, most businesses, particularly manufacturing businesses, have performed poorly. Since then, low capacity utilization has resulted in the retirement of thousands of workers across the country. DELIVERY OF SERVICES

Obviously, the insurance industry cannot be exempt from reacting to unpredictably changing economic conditions.

 

There is a direct positive relationship between the economy’s performance and the appropriate action taken to alleviate the fear and concern of industry watchers and viewers. It can also implement efficient work processes or systems to meet the demands of an ever-increasing population.

Over time, the insurance service (product) way of doing business has evolved to include obsessively repeating the same set of duties without regard for their effectiveness in relation to the needs of clients. The performance of the insurance service has largely been that of regular and stereotyped activities as passed down by the forefathers (British Company).

Surprisingly, many modern police documents, such as witnesseth, are still fashioned and designed with the same old wordings and format as they were handed out from the start.

STATEMENT OF PROBLEM

The following are the issues that prompted the research:

1. The intangible nature of insurance products, which makes it difficult for consumers to comprehend what they are purchasing.

2. Inadequate public awareness effort to explain the product’s intangible nature.

3. Policy and underwriting criteria are ambiguous.

OBJECTIVES OF THE STUDY

The following are the study’s objectives:

1. To assess the impact of the insurance product’s intangible nature on the general public.

 

2. To determine how the policy’s ambiguity contributed to the insurance industry’s linage problem.

 

3. To figure out why some insurance businesses in Nigeria are currently failing.

 

4. To draw attention to the characteristics that contribute to intangibility.

RESEARCH QUESTIONS

1. How does the intangibility of insurance products affect the problem’s marketing? Is the uncertainty of the insurance policy a factor in the negative perception of insurance?

2. Many insurance companies continue to employ the old stereotype approach of policy preparation. What is the reason for this?

3. What efforts were done by the insurance regulatory agencies to correct this situation?

4. Who is to blame for the current state of the insurance industry, the government or the insurers themselves?

SIGNIFICANCE OF THE STUDY

The following are the issues that prompted the research:

1. The intangible nature of insurance products, which makes it difficult for consumers to comprehend what they are purchasing.

2. Inadequate public awareness effort to explain the product’s intangible nature.

3. Policy and underwriting criteria are ambiguous.

SCOPE OF THE STUDY

This research looks into all aspects of the insurance industry, including:

Insurance firms are number one.

The reinsurance brokers are number two.

3. Other insurance-related specialized interest organizations, such as supervisory bodies.

Reinsurance businesses are number four.

LIMITATION OF THE STUDY

Financial constraints and timing constraints limit the study work.

Another issue discovered was a lack of research resources. Another element that hindered this effort was a poor response from the respondents.

DEFINITION OF TERMS

1. Insurance: Insurance is a system in which members of a scheme contribute money to a fund from which the few who lose money are paid.

2. Brokers: These are professionals that act as a middleman between the insured and the insurance provider.

3. Reinsurance: This refers to reinsuring a specific subject matter that has previously been insured. This time, the insurance contract is between the insurance (ceding) and the reinsurance companies.

4. Agent: An agent is a person who acts as a middleman in an insurance arrangement. They are not professionals, and they can come from any profession, but they must be able to persuade a potential client to buy a policy.

5. Contra-Preferential Rule: This rule states that whoever drafts a document is liable for any ambiguity or confusion that may arise.

Leave a Comment

Your email address will not be published. Required fields are marked *

×