MARKETING CONCEPTS A SURE WAY OF ENHANCING GROWTH IN THE SALE OF INSURANCE SERVICES
ABSTRACT
The project aims to popularize the concept of marketing as a sure way to increase sales of insurance services. Despite the growing number of insurance companies in Nigeria, its growth is still hampered by low trust in the insurance industry and still low overall support. Internal issues among the leaders of the organization hamper the smooth implementation of marketing concepts for insurance activities. This is because the services of qualified marketing professionals are not available to management of various insurance companies. Given these and other related issues facing the industry, this research work was necessary for researchers to provide solutions to these issues. The specific objectives of this research are to:
A survey of the relevance of marketing concepts for marketing insurance services in Nigeria. It studies the problems encountered in introducing marketing concepts into the Nigerian insurance industry.The study is divided into five chapters for ease of reading and understanding. Researchers used a variety of means of data collection. Researchers made extensive use of primary and secondary data, and exhaustive use of questionnaires and research methods. Chapter 1 deals with the research background and general introduction, and Chapter 2 is a literature review, reviewing all other authors working on this topic. The research is clearly stated and Chapter 4 is the presentation and analysis of the data. Here, the data generated for this study are presented in tables and percentages for ease of understanding. Chapter 5 provides a summary of results, conclusions, and recommendations. Researchers used a variety of statistical tools to provide empirical evidence and firm conclusions for their studies. One of the findings of the study showed that the application of marketing concepts by insurers improved insurance marketing in Nigeria. The researchers recommended that insurers broaden the scope of their market research to cover wider segments of society, especially those living and working in rural areas.
Table contents
title page
overview
table of contents
chapter One
Foreword
1.1 Research background
1.2 Problem
chapter One
Foreword
1.1 Research background
The term “insurance” has been defined in many different ways by many authors, but all these definitions emphasize one thing: the pooling of risks and the transfer of risks from one person to another. doing.
According to Fagan J.I. (1989) insurance is defined as the social derivative of explosive units to aggregate individual losses. Insurance provides the insured with a small amount (i.e., Premiums) can be exchanged to compensate the unfortunate few who suffer. The purpose of a loss insurance policy is to provide coverage. That is, compensation for injury suffered or loss suffered. There are two major classes of insurance: life insurance and non-life insurance. Life insurance includes life insurance, term insurance, endowment insurance, and annuity insurance; non-life insurance includes fire insurance, marine insurance, automobile insurance, contractor all-risk insurance, and engineering term insurance; occupies a position. There is only one business that is necessary for the survival of other stores. In addition, sufficient awareness and visibility should be created to reach all consumers for the insurance products and services available to them to reach their target market (i.e. the people they want). I have. One of them is the acceptance of the sales concept. Organizations manufacture products and use various sales methods to get customers to purchase them. Their goal is to sell products, not to satisfy what customers want or need. Sales concepts, including products, locations, prices, and marketing (including products, locations, prices, and advertising), are critical in satisfying potential consumers and encouraging others to use insurance products. We’ve come a long way. The focus of the marketing mix is to get people to accept the insurance product, use the product, enjoy the various services offered by the insurer, and ultimately make a profit.
The marketing concept is a business philosophy that states that customer desires are economic and social justifications to the extent that they are profitable in integrated business operations. Marketing thinking can also be described as a philosophy that recognizes that the consumer is at the heart of the company. Your concept is based on the premise that there is no marketing without consumers, and based on this, you should aim to meet consumer needs. Our marketing concept is based on three core beliefs:
1. Marketing orientation:
Insurers should try to research and understand how best to increase customer awareness and attract customers.
2. Profitable Sales Volume:
Target customers should be surveyed by the company to determine if its products, customers, vendors and geographies are profitable.
3. Coordination of marketing activities:
This measurement helps determine the scope of implementation of marketing concepts. The main issue here is the chief marketing executive’s organizational status and the extent to which the marketing function is integrated under his marketing function.
Therefore, the main issue of the Nigerian marketing concept is implementation. Therefore, most companies devise strategies to meet customer demand through applications.
Given that the socio-economic environment has changed significantly between when insurance was taken out and now, the average Nigerian thinks about their immediate needs for food and shelter before considering insurance. We never hack to make money to maintain). It is well known that typical Nigerian insurance companies are never willing to pay for tragic events without acknowledging the generally inadequate income of the Nigerians who patronize them. What about the idea that if mandated, many Nigerians now prefer cheaper insurance premiums “to do all justice”. is still considered by some to be very high. Government officials are said to often prefer to divert funds intended for insurance purposes to other uses. In short, there is a high level of apathy towards insurance in Nigeria.
While researching this article, an insurance expert summarized the following as other issues for insurance in Nigeria:
– Industries supporting short-term insurance business are affected by adverse market conditions (eg manufacturing).
・Long-term insurance as good as this does not exist. The insurance industry is content only with the short-term insurance market (general insurance, compulsory life insurance, personal and other life insurance, etc.). This happens when health insurance is low, but many people refrain from paying premiums. • The long-term business (eg group life insurance, annuities, investment-linked insurance) that a typical insurer has to rely on is tremendous. Who knows that short-term insurance returns (which are often influenced by trading rate indices) are not entirely profitable?
1.2 Problem definition
Inspired by the growing number of insurance companies in Nigeria, the insurance sector remains hampered by low confidence in the insurance industry and still low overall support. Internal issues among the leaders of the organization hinder the smooth implementation of marketing concepts for insurance activities. This is because the services of qualified marketing professionals are not available to management of various insurance companies. Finally, there are these and many other issues. Both internal and external environments continue to hinder the activity of the insurance sector of the economy. Given this issue, it was determined that this research work was necessary. Researchers want to identify problems and propose solutions to them.
1.3 Purpose of the survey
The purpose of this study is to examine the applicability and scope of marketing concepts to the insurance industry.
The specific objectives of this research are to:
I. Investigating the relevance of marketing concepts for the marketing of insurance services in Nigeria. ii. Studies issues in introducing marketing concepts into the insurance industry in Nigeria.
iii. Nigeria should consider to what extent marketing concepts have improved insurance marketing.
IV. Recommendations based on the results of organizational improvement studies.
1.4 Research question
1. How relevant is the marketing concept for insurance services in Nigeria?
2. How successful has the problem been in introducing marketing concepts into the insurance industry? 3. How well does marketing work?
Hypothesis 1
Ho:
Applying marketing concepts did not improve insurance marketing in Nigeria.
Hi:
The application of marketing concepts has improved the marketing of insurance in Nigeria.
Hypothesis 11
Ho:
Marketing concepts cannot be successfully applied to the insurance industry in the field of marketing.
Hypothesis 111
Ho:
Marketing concepts have not increased the sales volume of insurance products in Nigeria.
Hi:
The marketing concept has increased the sales volume of insurance products in Nigeria. 1.6 Importance of research
This study is very beneficial for managers and department heads as it helps them apply marketing concepts to their business activities.
The study is also important in explaining the challenges insurers face in adopting marketing concepts in their operations. This serves as important information for new entrants to the industry trying to avoid these problems.
In addition, loss of public confidence in industrial operations is resolved as information on marketing applications is considered. This allows managers and department heads to shift their focus from sales concepts to marketing concepts. It also directly supports intermediaries, independent economic organizations that operate in the flow of products and their markets.
Finally, this research work is useful for potential users of the information, lecturers, student marketers, suppliers, financial institutions, non-profit organizations, insurance companies, and the public as it serves as a reference point for further research. increase.
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