Full Project – MARKETING OF LIFE ASSURANCE POLICIES IN NIGERIA PROBLEMS AND PROSPECTS

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MARKETING OF LIFE ASSURANCE POLICIES IN NIGERIA PROBLEMS AND PROSPECTS

ABSTRACT

This research work, the researcher examined the problems and prospects of marketing of life assurance policies in Nigeria. The information for the study was collected using primary and secondary methods of data collection. For the primary data collection, questionnaire was used while existing literature relevant to the topic was consulted for the secondary data. The sample size was determined using Taro Yamani formula the percentage method was used for data analysis while Chi-square statistical mode was used to test the formulated hypothesis. The researcher found out that Life assurance companies in Enugu specializes in life assurance business but they are experiencing inadequate patronage. Life assurance companies use brokers, agents and partially employed salesmen in marketing of life assurance policy to the insuring public. Based on the findings the researcher recommended that Government should establish insurance educational centers which should organize lectures, seminars, educational conferences and study programmes for the good of the public.

TABLE OF CONTENTS

Title page                                                                                       ii

Approval Page                                                                        iii

Dedication                                                                              iv

Acknowledgement                                                                 v

Abstract                                                                                 vii

CHAPTER ONE

INTRODUCTION

1.1      Background of the Study                                               1

1.2      Statement of the Problem                                              4

1.3      Objective of the Study                                                    5

1.4      Research Questions                                                       6

1.5      Research Hypothesis                                                      7

1.6      Significance of the Study                                                7

1.7      Scope and Limitations of the Study                               8

1.8      Definition of Operational Terms                                     9

CHAPTER TWO

REVIEW OF RELATED LITERATURES

2.1      An Overview                                                                   11

2.2 Historical Development of the Case Study                      17

2.3 Historical Development of Life Assurance in Nigeria      19

2.4 How Individual Life Assurance Are Transacted               20

2.5 Special Characteristics of Marketing Life Assurance      23

2.6   The Impact of Life Assurance Policies on the Society    27

2.7 Marketing Strategies of Life Assurance Polices               30

2.8 Problems Facing Marketing of Life Assurance Policies    34

2.9   Prospect of Adequate Management                               35

References                                                                     36

CHAPTER THREE

RESEARCH METHODOLOGY AND DESIGN

3.1      An Overview                                                                   37

3.2      Source of Data                                                               37

3.2.1        Primary data                                                              38

3.2.2        Secondary data                                                          39

3.3      Population of the Study                                                 41

3.4      Sample size and Sampling Techniques                          41

3.5      Validity and Reliability of the Instrument used            42

3.6      Method of data Presentation and Analysis                    43

CHAPTER FOUR

DATA PRESENTATION ANALYSIS, DISCUSSION OF FINDING

4.1      An overview                                                                    46

4.2      Data presentation                                                         46

4.3      Data Analysis                                                                49

4.4      Testing of Hypothesis                                                    60

4.5      Discussion of Findings                                                   65

CHAPTER FOUR

SUMMARY OF FINDINGS, CONCLUSION AND RECOMMENDATIONS.

5.1      Summary of Findings                                                    66

5.2      Conclusions                                                                   68

5.3      Recommendations                                                         69

5.4      Suggestions for Further Studies                                    74

Bibliography                                                                  75

Appendixes                                                                    76

Sample questionnaire                                                   77

CHAPTER ONE

1.0 INTRODUCTION

1.1 Background of the study

In Nigeria the issue of taking life assurance policy has been neglected, in the sense that at this present time, it is estimated that not up to two percent (2%)  of Nigerian’s own life assurance policies, from the research made on the internet, life assurance business is more operated and recognized in other countries such as UK, USA, Canada, Germany and other European countries, in Africa  life assurance business is more recognized in South Africa for this fact, the benefits and roles life assurance plays in this country is being viewed from a very cooked point there by making it slightly visible moreover, the life assurance industry has  entered on era of accelerated change as a result of increased competition, such as other life institution e.g. National Health Insurance Sector (NHIS). Hence professional marketing management is now a pre-requisite, if a company is to return or advance its position in the competition hierarchy.

Based on the investigations made on net, the major contention of this or the major aim of writing this is to pinpoint some of the challenges affecting life assurance industries in Nigeria.

1.2  Statement of problem

a.  Previous studies has shown that sub-standard policies which was designed by the underwriter’s could not meet the current change in the society towards satisfying individuals needs.

b.  High rate of poverty in the country that results to no interest or concern by the individuals to effect life assurance policy.

c.   The low demand for life assurance policies which could b e as a result of in appropriate marketing strategies.

d.  The high rate of illiteracy which affects the easy or free flow of life assurance business in Nigeria.

1.3  Objective of the Study

In this study, the main objective is to find out the problems militating against or the challenges affecting the marketing of life assurance policies in Nigeria and to proffer solutions remedy on way out of the problem or how the problem will be solved.

Those specific objectives as are as follows:

a.  To know whether those policies were designed to meet the current change of the need of the individuals/ the consumers.

b.  To find out how the high level of poverty in the country affects the patronage of life assurance policy.

c.   To examine whether those strategic method in marketing of life assurance policies are suitable for the business in promoting the industry.

d.  To find out if there is any alternative means for creating an awareness of life assurance policies to the uneducated one in the society.

1.4  Research Questions

a.  How does those policies designed, meet the need of the individuals/ the consumers.

b.  To what extent has high level of poverty in the country affected the patronage of life assurance policies?

c.   How do those strategic methods in marketing of life assurance policies suitable for the business in promoting the industry.

d.  What are those alternative means for creating an awareness of life assurance policies to the uneducated ones in the society?

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Full Project – MARKETING OF LIFE ASSURANCE POLICIES IN NIGERIA PROBLEMS AND PROSPECTS