Challenges of marketing insurance services in a democratic government of Nigeria is a major concern in this research work. It is essential to appreciate that the importance of insurance services is tested oftentimes by the spend of claim of settlement. If insurers could fine-tune their services to ensure that the settlements cheques on claims fully documented and adjusted re-paid even before the regulated settlement period. This could be exploited to gain competitive edge. An analysis was carried out to justify the challenges. To achieve this, the project is arranged in five chapters. Chapter one looks at the introduction and in chapter two, related literatures was reviewed.
Chapter three deals with the research methodology and finally in chapter five, the findings, recommendations and the conclusion was stated.
TABLE OF CONTENTS
TITLE PAGE PAGES
Title Page i
Approval Page ii
Table of Contents vi
1.0 Introduction 1
1.1 Background of the Study 3
1.2 Objective of the Study 5
1.3 Research Question 5
1.4 Research Hypothesis 6
1.5 Significance of the Study 7
1.6 Scope and Limitation of the Study 7
2.0 Review of Related Literature 10
2.1 Old Laws and Practice 10
2.1.1 Decree 55 of 1991 11
2.1.2 Insurance Decree 1997 16
2.2 Classification of Insurance Business 16
2.3 Challenges Posed to Marketing Insurance Principles 20
2.4 Premiums 21
2.5 Renewals 23
2.6 Claims Settlement 27
3.0 Research Methodology 31
3.1 Source of Data 31
3.2 Sample 32
3.3 Method of Data Collection 33
3.4 Model of Data Analysis 35
Data Presentation and Analysis 36
Testing of Hypothesis 40
5.1 Summary of Findings 44
5.2 Conclusion 45
5.3 Recommendation 46
Substantial challenges face any organization’s intent on getting the future first. The challenge, how to navigate from here to there, arise institution struggle to plot a course through an increasingly inconsistent environment, where experience is rapidly devalved and familiar landmarks no longer serve as guideposts never before competitors, partners, suppliers and buyers have been so indistinguishable.
Marketing is about CUSTOMER MANAGEMENT, namely, finding, acquiring, developing and keeping customers, profitably. Given the characteristics of the Nigeria market, marketing excellence has never been more challenging and imperative.
As in other climes, the Nigerian Insurance marketing buttle is in distribution, as the various channels wrestle for ownership and control over the customer relationship.
The importance of customer ownership has heightened by proliferation in application of information and communications advances that will control the why insurance is sold in the future, as the market is witnessing today. Indeed, in a number of the marketing developments evolving, technology is a common theme.
As with the Nigerian population, the insurance industry is rapidly growing into the technological realm.
To take a cue from marketing developments in other climes, there is the need to propel a broker channel. This has been achieved in Australia via the burgeoning application of client placement facilitates (CPF) and the formation of network/cluster groups.
The CPF allows brokers to place cost effectively and automatically any business that fits the predetermined criteria into a facility that is underwritten by a small panel of insurers.
The eligibility criteria for using the facilities are very broad, which increases convenience and efficiency for both the brokers and panel insurers.
Which is handed electronically with the remainder handled by panel insurers’ underwriters. In essence, the facility provides not only cost saving but also revenue generation, for both the broker and also insurers in the panel. The CPF is more than a scheme. For instance it has enabled the larger international brokers to compete cost effectively for smaller and medium sized corporate business.
In such a congested and over supplied market with a rich diversity of customer needs and behaviours, it is difficult to standout, let alone create the required name awareness in the whole market. Consequently, while all of the largest insurers have a fairly diverse market presence, many of them are intensifying their already significant achievements in building stronger. Presence in a tener number of segments (however defined) rather than a limited presence across the whole market.