MARKETING OF LIFE ASSURANCE POLICIES IN NIGERIA

MARKETING OF LIFE ASSURANCE POLICIES IN NIGERIA

ABSTRACT

Nigeria ignores the issue of buying life insurance as it is estimated that up to two percent (2%) of Nigerians do not own life insurance due to poor education and poor marketing strategies It’s been done. It’s a very crooked perspective, so it’s easy to see. Therefore, this study focuses on life insurance marketing in Nigeria. The study population includes both Leadway Assurance Plc Enugu employees and customers. His sample size of 50, consisting of 20 employees and 30 of her customers, was selected. Both primary and secondary data were collected. Questionnaires combined with personal interviews were the primary research tools. Data were analyzed using the chi-square statistical method. The study found that insurance companies in Enugu (Leadway Assurance) primarily execute their marketing functions and strategies through advertising and promotion as a guide to customer acquisition motivations and competitiveness tools. rice field. Insurance companies were advised to strive for monthly issuance. Such publications act as powerful PR machines to promote the image of the insurance industry.

table of contents

title page

table of contents

chapter One:

Foreword

1.1 Research background

1.2 Problem

1.3 Purpose of the survey

1.4 Research question

1.5 Research hypothesis

1.6 Significance of research

1.7 Scope and Limitations of the Investigation

1.8 Definition of terms

Chapter 2

literature review

2.1 Overview

CHAPTER ONE

BACKGROUND OF STUDY

However, before choosing a type of insurance policyholders should first sit down and analyze their needs. It has been said that life insurance is for those who live long and die early. It can meet the needs of these two categories of people. Most employees and wage earners have other dependents such as parents, wives, children and even siblings. Life insurance programs accumulate funds through payments made by the insured, called premiums, so that funds from the plan are paid out if the insured dies before a specified date or after living for an agreed period of time. will be All perks during the period. The idea of ​​aid and association is not new to Nigerian society. As mentioned earlier, different cities and clan unions and social organizations have different ways of showing mercy to the bereaved. It is common to make a condolence phone call and hand over a condolence wallet. These practices are similar to mutual life insurance.

However, life insurance as practiced today is part of the country’s colonial heritage. Apparently the British introduced life insurance to Nigeria, and their practice closely resembles the British pattern. An early interest in colonial insurance in Nigeria was for general merchandise and cargo insurance.

Few of the defrauded life insurance companies were referred to the British Home Office in London for processing. At that time, insuring people living in the tropics was considered a great risk, and the cost of providing such life insurance was so expensive and uneconomical that only the wealthy could afford it.

With independence in 1960, life insurance began to change. Lead Way Assurance Company was established between Nigerians and expatriates. Thus, she became a life specialist underwriter. During the same period, the Nigerian Life and Pensions Advisor and the Nigerian University Business Her Advisor presented the development of the institutional life and pensions system in Nigeria. Prior to the 1960s, many Nigerians were hesitant to purchase life insurance. They generally felt that insurance agents wished them bad luck and early death, and therefore would have nothing to do with insurance companies and their agents. 1.2 Problem Description

a) Lack of statistics causing problems in payment of benefits.

b) the inability of insurance marketers to design policies that reflect current social changes;

c) Impact of Nigeria’s insurance image due to tribalism, religious conflicts, etc.

d) low demand for life insurance; This may be due to lack or poor education and inadequate marketing strategies.

All contribute to the problems that tend to hinder the development of life insurance in Nigerian society. 1.3 Purpose of the survey

After being exposed to the problem, researchers should consider what they are trying to achieve:

a) Providing new statistical methods to improve benefit payments

b) identify policies that meet the current needs of society;

c) To enhance the image of insurance and promote coexistence of residents in society

d) Provide strategic ways to market life insurance policies and raise public awareness.

1.4 Research question

1.Is there a way to evaluate benefits?

2. Support your organization

1.6 Importance of research

Examining the issues facing life insurance marketing is particularly important for insurers, life insurance intermediaries and the insurance industry.

Therefore, at the end of this study, insurers and life insurance intermediaries will be able to identify the issues that hinder the effective marketing of life insurance in society. The study is also designed to highlight the need for proper promotional methods, advertising principles, and an understanding of life insurance policies.

Finally, marketers in the life insurance industry need to understand marketing concepts, strategies and applications as a stepping stone to growth, and to work with life insurance actuaries in their specific target markets. pointing out.