MARKETING OF LIFE ASSURANCE POLICIES IN NIGERIA PROBLEMS AND PROSPECTS

MARKETING OF LIFE ASSURANCE POLICIES IN NIGERIA PROBLEMS AND PROSPECTS

ABSTRACT

In this study, researchers examined the issues and prospects of marketing life insurance policies in Nigeria. Information for the study was collected using primary and secondary data collection methods. A questionnaire was used for primary data collection and available topic-related literature was consulted for secondary data. The sample size was determined using the Taro Yamauchi formula, the percentage method was used for data analysis, and the chi-square statistical mode was used to test formulated hypotheses. Researchers have found that Enugu life insurance companies specialize in life insurance business but do not have enough support. Life insurance companies use brokers, agents and part-time sales representatives to market life insurance policies to insurers. Based on the findings, researchers recommended that the government establish an insurance education center to organize lectures, seminars, educational conferences, and learning programs for the public good.

table of contents

Title page II

Approval page iii

dedication iv

Recognitionv

Summary VII

chapter One

Foreword

1.1 Research Background 1

1.2 Problem 4

1.3 Objectives of the study 5

1.4 Research question

CHAPTER ONE

1.0 INTRODUCTION

1.1 Background of the study

According to internet research, life assurance business is more operated and recognized in other countries such as the UK, USA, Canada, Germany, and other European countries, in Africa life assurance business is more recognized in South Africa for this fact, the benefit of life assurance is more recognized in South Africa for this fact, the benefit of life assurance is more recognized in South Africa Furthermore, the life assurance industry has entered a period of rapid change as a result of increased competition from other life institutions.

National Health Insurance Sector, for example (NHIS). As a result, professional marketing management is now required for a company to regain or advance its position in the competition hierarchy.

Based on internet research, the main contention of this or the main goal of writing this is to identify some of the challenges affecting life assurance industries in Nigeria.

1.2 Statement of problem

a. Previous studies has shown that sub-standard policies which was designed by the underwriter’s could not meet the current change in the society towards satisfying individuals needs. b. High national poverty rate and no interest of individuals in purchasing life insurance.

c. The low demand for life insurance policies can be attributed to inadequate marketing strategies.

i.e. High illiteracy rate affecting the smooth or free flow of life insurance business in Nigeria.

1.3 Purpose of the survey

In this study, the main objective is to find out the problems and challenges affecting the marketing of life insurance in Nigeria and provide solutions and ways to solve the problems.

These specific goals are:

a. To know whether these policies have been developed to meet the current and changing needs of individuals/consumers;

b. Learn how high poverty rates in the country affect life insurance customers.

c. Encourage the industry to assess whether this strategic life insurance policy marketing approach is suitable for business.

namely to see if there are alternative means to raise awareness of life insurance policies among the less educated in society.

1.4 Research question

a. How are these policies designed to meet individual/consumer needs?

b. To what extent has high poverty rates in the country affected the promotion of life insurance policies?

c. How do these strategic methods work in marketing business-friendly life insurance policies to move the industry forward?

Ie what are these alternative means of raising awareness of life insurance policies among the less educated in society?