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

  • Type: Project
  • Department: Insurance
  • Project ID: INS0012
  • Access Fee: ₦5,000 ($14)
  • Chapters: 5 Chapters
  • Pages: 65 Pages
  • Methodology: Simple Percentage
  • Reference: YES
  • Format: Microsoft Word
  • Views: 2.8K
  • Report This work

For more Info, call us on
+234 8130 686 500
or
+234 8093 423 853
THE PROBLEMS ENCOUNTERED BY INTERMEDIARIES IN THE NIGERIA INSURANCE INDUSTRY AND THE FUTURE PROSPECTS.
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 need for intermediaries in insurance market in Nigeria is an issue which its important cannot be over emphasized.
            Research has shown that the problems encountered by the intermediaries has an impact on the growth of insurance level in our society, there is a wide spread of lack of what benefit it is to the society. Research has shown that there is a significant relationship between the extent to which one understands and the importance one attaches to insurance. The more clear and understandable one finds insurance to be and the more likely it is that the insurance intermediaries will be know the importance of insurance before the facilitators can be recognized. This shows that low level of literacy constitutes to the problems encountered by the insurance intermediaries. Because the intermediaries work for the insurance company, any problem that affects the company affects them.
            The experience of some people who had be dealings with insurance over the years ha snot be very cordial such unfavourable relationship had been publicize over the years that it has created a poor perception of insurance intermediaries and the insurance companies to the general public. Insurance have not help issues by their reticent in publishing their activities. One has to be aware of insurance before one makes a conscious effort to understand what it is all about.  The insurance industry has the duty to create awareness of the existences of their intermediaries and their industry in the minds of the public.
            Individual insurance companies have the responsibility of letting the public know that its intermediaries exist and what functions they perform. Literature such as one of the roles of insurance companies and intermediaries to individuals and the society in general should be widely circulated.
            Handling of insurance claim is another area were insurance intermediaries encounter problem. This is obvious because when an insurance company could not settle her claim with the insured (policyholder) the impact fall on the intermediaries that facilitate contractual relationship between the insured and the insurance company. This makes the general public to call both the intermediaries and insurance companies fraudsters. A good insurance transaction lies essentially on the ease with which are insurer claim cheque is received. Claims handling is one area were an effective communication is necessary, as well as reaching prompt decision immediately all facts are known. The inability of the insurance companies to do this makes it difficult for an intermediary to help his clients in sorting out their claim with the company.
Location of the insurance company also is one of the problems encountered by intermediaries because they find it difficult to transact business in rural area. There is no comparison between an insurance company situated in the city and that of rural area. Insurance company situated in a rural area might not be progressing because of the low level of literacy of people in the area.
1.2       STATEMENT OF PROBLEM
The image of insurance industry and their intermediaries is noting to write home about. This is to those who do not know what insurance is all about. Having complied with the rules and regulations of the insurance supervisory authorities in which they operate, though there are still problems in the insurance companies and the among them are as follows.
(a)                Ineffective publicity, lack of information about different classes of insurance and benefits behinds each classes of insurance to the policyholder is acting as one of the problems being encountered by the insurance companies and their intermediaries.
(b)               Public unawareness of the essence of insurance takes time for the brokers and agents to be known in the public. Many of our people today are still ignorance of what insurance is all about and this is really telling on the insurance companies.
(c)                Location of the insurance company is one of the problems being encountered by insurance intermediaries.
(d)               The find it difficult to transact business in a small area. Take for instance, an insurance company whose Head office is at Ngwo will be loosing a lot while other competitors situated in the city such as Lagos are progressing.
(e)                Competition among the brokers and agents by using unorthodox method which is due to variation in rates. There has been always difficult among these intermediaries. Another problem is what affects the insurance companies also affect them.
1.3       OBJECTIVE OF STUDY
This study is aimed at achieving the following objectives.
1.                  To find out the causes of the problem that  the intermediaries encounter.
2.                  The important of intermediaries in the insurance industry.
3.                  Who are insurance intermediaries.
4.                  To make suggestion on how to eradicate the problem.
1.4       SIGNIFICANT OF THE STUDY
The study will be of immense value to brokerage firm, the insurance companies, the general public and to student of insurance and other related fields.
The work will be of immense help to future researchers who will make their own investigation into this subject area.
The study will reveal the important of these intermediaries to the insurance company. Having mentioned some of the  jobs done by the intermediaries, there are other areas by which they are useful to the company.
1.5              SCOPE  
The area of this thesis is Nigeria. The research is to find out the problems encountered by intermediaries and the causes.
1.6       DEFINITION OF TERMS
Brokers:         Person who buys and sells for others. And regarded as professional expert. The gives advice and recommends to people.
Agent: Person who acts for or who manages the business affairs of other.
Premium:                   A little consideration which the insured pays to the insurer in view of the risk insured so that if loss occur the insurer will put the insured in the same financial position he was before the loss.
Insured:          The party entitled to receive money under an assurance contract on the happening of a stated contingency.
Liability:         State of being liable or responsibility for an act.

THE PROBLEMS ENCOUNTERED BY INTERMEDIARIES IN THE NIGERIA INSURANCE INDUSTRY AND THE FUTURE PROSPECTS.
For more Info, call us on
+234 8130 686 500
or
+234 8093 423 853

Share This
  • Type: Project
  • Department: Insurance
  • Project ID: INS0012
  • Access Fee: ₦5,000 ($14)
  • Chapters: 5 Chapters
  • Pages: 65 Pages
  • Methodology: Simple Percentage
  • Reference: YES
  • Format: Microsoft Word
  • Views: 2.8K
Payment Instruction
Bank payment for Nigerians, Make a payment of ₦ 5,000 to

Bank GTBANK
gtbank
Account Name Obiaks Business Venture
Account Number 0211074565

Bitcoin: Make a payment of 0.0005 to

Bitcoin(Btc)

btc wallet
Copy to clipboard Copy text

500
Leave a comment...

    Details

    Type Project
    Department Insurance
    Project ID INS0012
    Fee ₦5,000 ($14)
    Chapters 5 Chapters
    No of Pages 65 Pages
    Methodology Simple Percentage
    Reference YES
    Format Microsoft Word

    Related Works

    CHAPTER ONE 1.0 INTRODUCTION  1.1 BACKGROUND OF THE STUDY the need for intermediaries in insurance market in Nigeria is an issue which its important cannot be over emphasized. Research has shown that the problems encountered by the intermediaries has an impact on the growth of insurance level in our society, there is a wide spread of lack of what... Continue Reading
    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... Continue Reading
    THE ROLE OF INSURANCE COMPANY IN NIGERIA AS NON-BANKING FINANCIAL INSTITUTION: PROBLEMS AND PROSPECTS: A CASE STUDY OF LIMITED NIGERIA INSURANCE COMPANY (UNIC) ABSTRACT This study attempt to provide a general information and knowledge about the impact of insurance companies in the business world. A case study of business organization in Benin... Continue Reading
    ABSTRACT The intention of this research is to analyse the prospect and problems of National health Insurance scheme in Nigeria. Which will bring health care for all? In analyzing this topic I will give a brief introduction on how the scheme works and states the prospect and problem. Also a guideline will be drawn how the scheme will react in... Continue Reading
    ABSTRACT The intention of this research is to analyse the prospect and problems of National health Insurance scheme in Nigeria. Which will bring health care for all? In analyzing this topic I will give a brief introduction on how the scheme works and states the prospect and problem. Also a guideline will be drawn how the scheme will react in... Continue Reading
    ABSTRACT The intention of this research is to analyse the prospect and problems of National health Insurance scheme in Nigeria. Which will bring health care for all? In analyzing this topic I will give a brief introduction on how the scheme works and states the prospect and problem. Also a guideline will be drawn how the scheme will react in... Continue Reading
    : A CASE STUDY OF LIMITED NIGERIA INSURANCE COMPANY (UNIC)  ABSTRACT This study attempt to provide a general information and knowledge about the impact of insurance companies in the business world. A case study of business organization in Benin... Continue Reading
    (A STUDY OF OBA IN ANAMBRA STATE) ABSTRACT The interest to write in this particular topic “Problems and Prospect of Extending Insurance Services to the rural areas” grow out of the present significant roles of insurance industry in extending service to the rural areas.... Continue Reading
    THE ROLE OF CENTRAL BANK OF NIGERIA C.B.N) IN AGRICULTURAL FINANCE DEVELOPMENT, PROBLEMS AND PROSPECTS A CASE STUDY OF NIGERIA AGRICULTURAL INSURANCE COMPANY (NAIC) ENUGU ABSTRACT Based on historical evidence, the highest contribution to the Nigeria Economy was Agriculture at present, Agricultural Production has been deducing drastically,... Continue Reading
    Call Us
    Get this work
    whatsappWhatsApp Us