ABSTRACT
Challenges of marketing insurance services in a democratic government of Nigeria is a major concern in this research work. Â It is essential to appreciate that the importance of insurance services is tested oftentimes by the spend of claim of settlement. Â 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. Â This could be exploited to gain competitive edge. Â An analysis was carried out to justify the challenges. Â To achieve this, the project is arranged in five chapters. Â 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 Â Â Â Â 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 Â Â Â 11
2.1.2 Insurance Decree 1997 Â Â Â 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     40Â
CHAPTER FIVE Â Â
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. Â
Marketing is about CUSTOMER MANAGEMENT, namely, finding, acquiring, developing and keeping customers, profitably. Â 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. Â 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. Â 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. Â Â Â
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. Â 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. Â Presence in a tener number of segments (however defined) rather than a limited presence across the whole market.
