+234 813 0686 500
+234 809 3423 853
info@grossarchive.com

Challenges of Marketing Insurance Services in a democratic Government of Nigeria (A case study of Imo State)

  • Type:Project
  • Pages:53
  • Format:Microsoft Word
(Insurance Project Topics & Materials)
ABSTRACT
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
Dedication          iii
Acknowledgement         iv
Abstract           v
Table of Contents        vi

CHAPTER ONE
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

CHAPTER TWO
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

CHAPTER THREE
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

CHAPTER FOUR
Data Presentation and Analysis      36
Testing of Hypothesis        40 

CHAPTER FIVE   
5.1 Summary of Findings        44
5.2 Conclusion         45
5.3 Recommendation        46
 Bibliography         47
 Appendix          48

INTRODUCTION
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.

Challenges of Marketing Insurance Services in a democratic Government of Nigeria (A case study of Imo State)

Share This

Details

Type Project
Department Insurance
Project ID INS0126
Price ₦3,000 ($9)
No of Pages 53 Pages
Format Microsoft Word

500
Leave a comment...

    Details

    Type Project
    Department Insurance
    Project ID INS0126
    Price ₦3,000 ($9)
    No of Pages 53 Pages
    Format Microsoft Word

    Related Works

    ABSTRACT 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... Continue Reading
    ABSTRACT The vital role played by insurance in every developed nation of the world is invaluable. However, its penetration in the economy of Nigeria as a nation is at is lowest ebb. The abundant benefits derivable from insurance are enormous yet marketing this product is fraught with challenges. One factor held respondent for this is the poor... Continue Reading
    ABSTRACT Politics and election in normal democratic sense, is a way through which the electorate in any society appoint their leaders or representatives to exercise political power on their behalf. The purpose of this research is to critically examine and analyze political violence in Nigeria. The main objective of the study is to examine and find... Continue Reading
    CHAPTER ONE INTRODUCTION 1.1 BACKGROUND OF STUDY The concepts “insurance” has been defined by many authors and from different perspectives but all those definition are emphasizing on one things, that is being a pool of risk and also a risk transfer from one person to another. According to Falgan J.I (1989). Insurance is defined as a social... Continue Reading
    . ABSTRACT This project aims to apprise the Marketing Concepts a Sure Way of Enhancing Growth in the Sale of Insurance Services. Inspite of the growing number of insurance companies in Nigeria, its growth is still being hindered because the insurance sector still... Continue Reading
     ABSTRACT This project aims to apprise the Marketing Concepts a Sure Way of Enhancing Growth in the Sale of Insurance Services. Inspite of the growing number of insurance companies in Nigeria, its growth is still being hindered because the insurance sector still... Continue Reading
    ABSTRACT This research project is a very crucial study for Rex Brothers and dry cleaning services. The study was moderated by the necessity to know the role of Marketing in the Laundry and dry cleaning services. To solve the research problem both primary and secondary data were collected. The research instruments used in collecting the data were... Continue Reading
    CHALLENGES OF EFFECTIVE UTILIZATION OF LOCAL GOVERNMENT REVENUE IN NIGERIA: A CASE STUDY OF UYO LOCAL GOVERNMENT OF AKWA IBOM STATE TABLE OF CONTENTS CHAPTER ONE INTRODUCTION Background of the Study Statement of the Problem Purpose of the Study Significance of the Study Delimitation/Limitation of the study Research Questions Definition of Terms... Continue Reading
    IMPACTS OF POVERTY ON DEMOCRATIC DEVELOPMENT OF NIGERIA (A CASE STUDY OF OYO EAST LOCAL GOVERNMENT) ABSTRACT The main objective of the study is to analyse how poverty affects political development and primary data was collected from the field keeping in mind the objective of the study, dedicated questionnaire was used to gauge the factors... Continue Reading
    THE ROLE OF MARKETING CO-OPERATIVE IN ECONOMIC DEVELOPMENT OF NIGERIA (A CASE STUDY OF RICE MARKETING CO-OPERATIVE IN ORODO, MBAITOLU LOCAL GOVERNMENT AREA IMO STATE) ABSTRACT This project looked into the role of marketing co-operative in economics development of Nigeria (a case study of Rice marketing co-operative in Onodo, Mbaitolu). A survey... Continue Reading