Marketing Of Life Assurance Policies In Nigeria Problems And Prospects

Marketing Of Life Assurance Policies In Nigeria Problems And Prospects

Abstract

This exploration work, the experimenter examined the problems and prospects of marketing of life assurance programs in Nigeria. The information for the study was collected using primary and secondary styles of data collection. For the primary data collection, questionnaire was used while being literature applicable to the content was consulted for the secondary data. The sample size was determined using Taro Yamani formula the chance system was used for data analysis while Chi-square statistical mode was used to test the formulated thesis. The experimenter set up out that Life assurance companies in Enugu specializes in life assurance business but they’re passing shy patronage. Life assurance companies use brokers, agents and incompletely employed clerks in marketing of life assurance policy to the assuring public. Grounded on the findings the experimenter recommended that Government should establish insurance educational centers which should organize lectures, forums , educational conferences and study programmes for the good of the public.

TABLE OF CONTENTS

Title runner ii

blessing runner iii

fidelity iv

Acknowledgement v

Abstract vii

CHAPTER ONE

preface

Background of the Study 1

Statement of the Problem 4

ideal of the Study 5

exploration Questions 6

exploration thesis 7

Significance of the Study 7

compass and Limitations of the Study 8

description of functional Terms 9

CHAPTER TWO

REVIEW OF RELATED LITERATURES

An Overview 11

literal Development of the Case Study 17

literal Development of Life Assurance in Nigeria 19

How Individual Life Assurance Are Transacted 20

Special Characteristics of Marketing Life Assurance 23

The Impact of Life Assurance programs on the Society 27

Marketing Strategies of Life Assurance Polices 30

Problems Facing Marketing of Life Assurance Policies 34

Prospect of Acceptable operation 35

References 36

CHAPTER THREE

exploration METHODOLOGY AND DESIGN

An Overview 37

Source of Data 37

Primary data 38

Secondary data 39

Population of the Study 41

Sample size and slice ways 41

Validity and trustability of the Instrument used 42

system of data donation and Analysis 43

CHAPTER FOUR

DATA PRESENTATION ANALYSIS, DISCUSSION OF Chancing

An overview 46

Data donation 46

Data Analysis 49

Testing of thesis 60

Discussion of Findings 65

CHAPTER FOUR

SUMMARY OF FINDINGS, CONCLUSION AND RECOMMENDATIONS.

Summary of Findings 66

Conclusions 68

Recommendations 69

Suggestions for farther Studies 74

Bibliography 75

supplements 76

Sample questionnaire 77

Chapter One

Preface

Background of the study

In Nigeria the issue of taking life assurance policy has been neglected, in the sense that at this present time, it’s estimated that not over to two percent( 2) of Nigerian’s own life assurance programs, from the exploration made on the internet, life assurance business is more operated and honored in other countries similar as UK, USA, Canada, Germany and other European countries, in Africa life assurance business is more honored in South Africa for this fact, the benefits and places life assurance plays in this country is being viewed from a veritably braised point there by making it slightly visible also, the life assurance assiduity has entered on period of accelerated change as a result of increased competition, similar as other life institutione.g. National Health Insurance Sector( NHIS). Hence professional marketing operation is now apre-requisite, if a company is to return or advance its position in the competition scale.

Grounded on the examinations made on net, the major contention of this or the major end of writing this is to pinpoint some of the challenges affecting life assurance diligence in Nigeria.

Statement of Problem

former studies has shown thatsub-standard programs which was designed by the coach’s couldn’t meet the current change in the society towards satisfying individualities needs.

High rate of poverty in the country that results to no interest or concern by the individualities to effect life assurance policy.

c. The low demand for life assurance programs which could b e as a result of in applicable marketing strategies.

d. The high rate of ignorance which affects the easy or free inflow of life assurance business in Nigeria.

Ideal of the Study

In this study, the main ideal is to find out the problems militating against or the challenges affecting the marketing of life assurance programs in Nigeria and to proffer results remedy on way out of the problem or how the problem will be answered.

Those specific objects as are as follows

To know whether those programs were designed to meet the current change of the need of the individualities the consumers.

To find out how the high position of poverty in the country affects the patronage of life assurance policy.

To examine whether those strategic system in marketing of life assurance programs are suitable for the business in promoting the assiduity.

To find out if there’s any volition means for creating an mindfulness of life assurance programs to the uninstructed bone in the society.

Exploration Questions

a. How does those programs designed, meet the need of the individualities the consumers.

To what extent has high position of poverty in the country affected the patronage of life assurance programs?

c. How do those strategic styles in marketing of life assurance programs suitable for the business in promoting the assiduity.

d. What are those indispensable means for creating an mindfulness of life assurance programs to the uninstructed bones in the society?