THE PROBLEMS ENCOUNTERED BY INTERMEDIARIES IN THE NIGERIA INSURANCE INDUSTRY AND THE FUTURE PROSPECTS

ABSTRACT

TABLE OF CONTENTS

CHAPTER ONE

1.0 Introduction

1.1 Background of Study

1.2 Statement of Problem

1.3 Objective of Study

1.4 Significance of the Study

1.5 Scope and Limitation of Study

1.6 Definition of Terms

1.7 References

CHAPTER TWO

2.0 Review of the Related Literature

2.1 Definition of Intermediaries

2.2.1 Insurance Broker

2.2.2 Insurance Agent

2.3 The Effect of People’s Ignorance to the Intermediaries and Insurance Industry

2.4 The Effect of Political Instability to Insurance Industry

2.5 The Effect of Insurance Company at Unsuitable Area to Intermediaries

2.6 The Effect of Poor Image of Intermediaries

2.7 Task of Intermediaries

CHAPTER THREE

3.0 Research Methodology

3.1 Research Design

3.2 Sources of Data

3.3 Method of Data Collection

3.4 Sample Size

3.5 Validity and Reliability of Instrument

3.6 References

CHAPTER FOUR

4.0 Data Presentation and Analysis

CHAPTER FIVE

5.0 Summary of Findings, Conclusion and Recommendation

5.1 Summary of Findings

5.2 Recommendation

5.3 Conclusion

Bibliography

CHAPTER ONE

1.0 INTRODUCTION

1.1 BACKGROUND OF THE STUDY

the want for intermediaries in coverage marketplace in Nigeria is an difficulty which its essential can not be over emphasized.

Research has proven that the issues encountered through the intermediaries has an effect at the boom of coverage degree in our society, there may be a extensive unfold of loss of what advantage it’s far to the society. Research has proven that there may be a extensive courting among the volume to which one knows and the significance one attaches to.

1.2 Problem definition

The image of the insurance industry and its intermediaries is astonishing. For people who don’t know much about insurance. However, even after complying with insurance regulators’ rules and regulations, insurers still face challenges such as:

(a) One of the problems faced by insurance companies and their intermediaries is ineffective advertising, lack of information about the various classes of insurance and the benefits behind each class of insurance to policyholders.

(b) Public ignorance of the nature of insurance takes time for brokers and agents to become known to the public. Today, many of us still don’t know what insurance is. It is very attractive to insurance companies.

(c) The location of the insurer is one of the issues faced by insurance intermediaries.

(d) It is difficult to do business in a small area. For example, an insurer headquartered in Ngwo will suffer a lot of losses, while other competitors based in cities like Lagos are moving forward.

(e) competition between brokers and agents through the use of unconventional methods resulting from price fluctuations; It was always difficult between these intermediaries. Another question is what will affect insurance companies and what will affect insurance companies.

1.3 Purpose of the survey

This research aims to achieve the following objectives.

1. To determine the cause of problems encountered by intermediaries; 2. The importance of intermediaries in the insurance industry.

3. Who is an insurance intermediary?

Four. Suggest how to solve the problem.

1.4 Importance of research

This study will be of great value to securities firms, insurance companies, the general public, and students in insurance and other related fields.

This study will be of great help to future researchers conducting their own research on this topic.

This research shows the importance of these intermediaries to insurance companies. We’ve mentioned some of the roles of intermediaries, but there are other areas where intermediaries can help companies. 1.5 range

The area of ‚Äč‚Äčthis work is Nigeria. Investigation should determine the mediator problem and its cause.

1.6 Definition of terms

The Realtor:
A person who buys and sells for others. and considered a professional expert. He gives advice and recommends people. Agent:
A person who acts on behalf of or manages affairs

 

 

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