This research paper looks at the goal of successful life assurance product management in the Nigerian insurance market, with a focus on Leadway Assurance Plc. The study’s objectives were identified, which included learning about the important benefits of life insurance in the Nigerian economy and evaluating claims procedures in the life insurance industry. Based on these objectives, the research questions were formulated, the study’s significance was assessed, and the scope and limitations were determined. The literature on the subject under consideration. The researcher collected data from both primary and secondary sources, determined the sample and population of the study, and used questionnaires and oral interviews as the primary instruments for data collection. The researcher discovered the following after analyzing and interpreting the data gathered:
BACKGROUND OF THE STUDY
At the turn of the century, the sector of insurance took a great leap forward. Insurance has become an essential aspect of man’s life all around the world. In the case of insurance, the proverb “usage in the mother of invention” is equally true; insurance has already had a significant impact on many sectors of our society. Another significant part of insurance is claims management in life assurance. True, it is complex in nature, but it is also a driving force in instilling confidence in the insurance public and promoting the expansion and development of the insurance industry in Nigeria.
One of the most difficult business processes in the insurance sector is claims administration in the life assurance industry.
Claims management is expected to run the claim process efficiently and keep costs low for many life insurance companies, but the benefits afforded by effective data management in effect, the data captured in the claim process, which is all too often underutilized, are rich in variable information for those who know how to extract and analyze it.
Claims management is an expert system that developed the rules and regulations for assessing claims based on important information from medical reports, surveyor reports, loss assessor reports, claimant petitions, and the procedures or conditions and warranties in the policy document.
In the Nigerian insurance industry, effective and efficient management of life assurance claims will help to reduce the public’s perception of insurance.
STATEMENT OF PROBLEM
The following are the issues that sparked this study’s research:
1. The Nigerian insurance industry’s poor management of life assurance claims and expenses.
2. In the Nigerian insurance market, there is a delay in the payout of life assurance claims.
3. The belief that insurance is an idea rather than a reality.
4. The public’s lack of understanding of the need of encouraging economic business in the Nigerian economy.
5. Lack of understanding of life assurance and the terms and circumstances of life insurance contracts in Nigeria.
6. The life assurance industry in Nigeria has a bad reputation for growth and development.
OBJECTIVES OF THE STUDY
1. To chart the evolution of the Nigerian life insurance industry across time.
2. To understand the importance of the life assurance industry in the Nigerian economy.
3. To assess claim procedures in the life insurance industry.
4. To learn how the Nigerian insurance sector evaluates life assurance claims.
5. To investigate the impact of good life assurance claims administration in the Nigerian insurance market.
6. To investigate the challenges that the Nigerian insurance industry faces in terms of effective and efficient management of life assurance claims.
7. To make suggestions based on it.
1. Is the life insurance industry’s image in Nigeria tarnished as a result of inadequate claim and expenditure management?
2. Does the life assurance industry provide any significant economic benefits to Nigeria?
3. Is it true that the Nigerian insurance business refuses to settle claims?
4. Does the Nigerian insurance business take a long time to resolve life insurance claims?
5. Are there any issues or hurdles in the Nigerian insurance business when it comes to effective and efficient management of life assurance claims?
6. Is there any influence on the Nigerian insurance business from effective and efficient management of life assurance claims?
7. In the Nigerian insurance business, what are the procedures for settling life assurance claims?
8. Does the life insurance industry contribute to the reduction of Nigeria’s economic insecurity?
SIGNIFICANCE OF THE STUDY
The following will greatly benefit from the project work:-
1. Students: The study will be valuable for academic purposes and will act as a reference point for students conducting more research on the subject.
2. Insurance Industry: The study will benefit Nigerian insurance businesses by assisting them in their efforts to improve the effective and efficient management of life assurance in the country.
3. The study will also act as a tool for advocating for and raising awareness about the critical role of life insurance in the Nigerian economy.
4. Researchers: The study will provide researchers with some important information and will serve as a foundation for validating or disapproving their findings.
SCOPE OF THE STUDY
The project’s scope of work is limited to a few Enugu-based insurance companies.
These are some of them:
Company that provides lead route assurance
Amon assurance plc is a company that provides insurance.
Industrial and general insurance plc is a company that provides insurance to businesses and individuals.
As a result, the data acquired would be utilized to make inferences for other Nigerian insurance and reinsurance companies.
LIMITATION OF THE STUDY
This was hampered by the following factors:
1. Data sourcing: Due to the nature of the insurance industry, getting managers and other senior officers to answer our inquiries and obtain information about this innovation was tough.
2. Time: The time allotted for the project work will be insufficient, as other academic works have almost halved the time allotted for research and data collection.
3. Funding: The researchers were unable to complete this research due to a lack of funding.
4. Previous Research: The death of previous research works on related topics was another factor that limited the study.
DEFINITION OF TERMS
Insurance is a program that allows a person known as the insured to transfer the financial implications of an identifiable event to another person known as the insurer by paying a premium to the insurer, who commits to pay the sum insured if the event occurs according to the contractual conditions.
Life Assurance: A scientific scheme that allows a person to collaborate with other people through the intermediary of a life business to give benefits based on the occurrence of an event that is dependant on the length of a person’s life.
One who is insured: Insurance provides protection against economic downturns that may occur.
The individual who undertakes to indemnify the insured or his beneficiary is known as an insurer.