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

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 CONTENTSTITLE PAGE         PAGESTitle Page          iApproval Page         iiDedication          iiiAcknowledgement         ivAbstract           vTable of Contents        vi
CHAPTER ONE1.0 Introduction        11.1 Background of the Study       31.2 Objective of the Study        51.3 Research Question       51.4 Research Hypothesis       61.5 Significance of the Study       71.6 Scope and Limitation of the Study      7
CHAPTER TWO2.0 Review of Related Literature      102.1 Old Laws and Practice        102.1.1 Decree 55 of 1991       112.1.2 Insurance Decree 1997      162.2 Classification of Insurance Business    162.3 Challenges Posed to Marketing Insurance Principles 202.4 Premiums          212.5 Renewals          232.6 Claims Settlement        27
CHAPTER THREE3.0 Research Methodology       313.1 Source of Data         313.2 Sample          323.3 Method of Data Collection      333.4 Model of Data Analysis       35
CHAPTER FOURData Presentation and Analysis      36Testing of Hypothesis        40 
CHAPTER FIVE   5.1 Summary of Findings        445.2 Conclusion         455.3 Recommendation        46 Bibliography         47 Appendix          48
INTRODUCTIONSubstantial 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.