Effect of Market Segmentation on the Performance of Insurance Companies in Nigeria
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color:black">This study attempts to examine
the effect of market segmentation as a tool for improving the performance of
insurance companies. Insurance companies are always seeking alternative ways to
improve the level of satisfaction among their customers; market segmentation
may be a useful tool. Market
Segmentation is essential and necessary for any organization trying to survive
in the global market. Consumer demands are diverse and all demands have to be
met as effectively as possible. Therefore organizations that sell a product or
service has to know who their various target markets and segment their product
in a way that suits each segment identified. This study looks at the
segmentation process and how segmentation can be effectively utilized to improve
the sales volume of Insurance services. Both primary and secondary sources of
data collection were used and analyzed by trend analysis. The research revealed
that once products or services were tailored to suit various types of consumer
segments, then requirements will be met, thus satisfaction, therefore
increasing the level of demand of that product or service. The research
concludes that effective consumer segmentation can increase the level of demand
of a product or service, of an organization. It has also been recommended that
profit making organization should always work around segmenting customers of
their product or service if they want to increase sales and organizational
performance in their organization.
"Times New Roman";mso-fareast-language:EN-GB">TABLE OF CONTENT
EN-GB">Title Page
EN-GB">Declaration
EN-GB">Certification
EN-GB">Approval Page
EN-GB">Dedication
EN-GB">Acknowledgement
EN-GB">Abstract
EN-GB">Table of Contents
"Times New Roman";mso-fareast-language:EN-GB">Chapter One
EN-GB">Introduction
EN-GB">1.1 Background of the study - - - - - - 1
EN-GB">1.2 Statement of the Problem - - - - - - 6
EN-GB">1.3 Research Questions - - - - - - - 7
EN-GB">1.4 Objective of the Study - - - - - - - 7
EN-GB">1.5 Research Hypothesis - - - - - - - 8
EN-GB">1.6 Significance and Limitation Of The Study - - - - 8
EN-GB">1.7 Scope and Limitation Of The Study - - - - - 9
EN-GB">1.8 Definition of Terms - - - - - - - 10
"Times New Roman";mso-fareast-language:EN-GB">Chapter Two
Literature
Review
EN-GB">2.1 Introduction - - - - - - - - 12
EN-GB">
EN-GB">
EN-GB">2.2Conceptual Framework of the study - -
mso-fareast-font-family:"Times New Roman";mso-fareast-language:EN-GB"> - - - 12
EN-GB">2.3 Market Segmentation
Product Offer of AIICO Insurance and African Alliance
mso-fareast-font-family:"Times New Roman";mso-fareast-language:EN-GB"> 23
EN-GB">2.4 Insurance Marketing and Market
Segmentation
mso-fareast-language:EN-GB"> - - - - 35
EN-GB">2.5
bold">Market Segmentation Criteria
"Times New Roman";mso-fareast-language:EN-GB"> - - - - - - 23
EN-GB">2.6 Importance of Segmentation to Insurance
Companies
mso-fareast-language:EN-GB"> - - - 41
EN-GB">2.7 An Evaluation of the Nigerian Insurance
Market Segment
mso-fareast-language:EN-GB"> - - 44
EN-GB">2.8
18.0pt;mso-ansi-language:EN-US;mso-bidi-font-weight:bold">Market Segmentation
Process – Seven Steps
"Times New Roman";mso-fareast-language:EN-GB"> - - - - 48
EN-GB">2.9Market segmentation, Targeting
and Positioning Process
mso-fareast-font-family:"Times New Roman";mso-fareast-language:EN-GB"> - -
mso-fareast-font-family:"Times New Roman";mso-fareast-language:EN-GB">52
EN-GB">2.10
mso-font-kerning:18.0pt;mso-ansi-language:EN-US">Marketing Strategies for
Insurance Companies
mso-fareast-language:EN-GB"> - - - - 56
EN-GB">2.11 Market segmentation
implementation challenges
"Times New Roman";mso-fareast-language:EN-GB"> - - - 58
EN-GB">2.12 Market Segmentation
mso-ansi-language:EN-US">Challenges of Insurance Companies and Solution
mso-fareast-font-family:"Times New Roman";mso-fareast-language:EN-GB"> 59
"Times New Roman";mso-fareast-language:EN-GB">Chapter Three
EN-GB">Research Methodology
EN-GB">3.1 Introduction - - - - - - - - 64
EN-GB">3.2 Research Design - - - - - - - - 64
EN-GB">3.3 Population and Sampling Technique - - - - - 65
EN-GB">3.4 Method Of Data Collection - - - - - - 66
EN-GB">3.5 Procedure for Data Analysis - - - - - - - 68
EN-GB">3.6 Justification of Method - - - - - - - 69
"Times New Roman";mso-fareast-language:EN-GB">Chapter Four
EN-GB">Data Presentation and Analysis
EN-GB">4.1Introduction - - - - - - - - 70
EN-GB">4.2Data Presentation and Analysis - - - - - - 71
EN-GB">
EN-GB">
EN-GB">4.3 Test of Hypothesis - - - - - - - 79
EN-GB">4.5 Interpretation of Findings - - - - - - 87
"Times New Roman";mso-fareast-language:EN-GB">Chapter Five
EN-GB">Summary, Conclusion and Recommendations
EN-GB">5.1 Summary - - - - - - - - - 89
EN-GB">5.2 Conclusion - - - - - - - - 89
EN-GB">5.3 Recommendations - - - - - - - 90
EN-GB">Bibliography - - - - - - - - - 95
EN-GB">Appendix - - - - - - - - - 100-103
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APA
Abia-Bassey, w. (2026). Effect of Market Segmentation on the Performance of Insurance Companies in Nigeria. Afribary. Retrieved June 14, 2026, from http://library.afribary.com/works/effect-of-market-segmentation-on-the-performance-of-insurance-companies-in-nigeria
MLA
Abia-Bassey, walter. "Effect of Market Segmentation on the Performance of Insurance Companies in Nigeria." Afribary, 6 Jun. 2026, http://library.afribary.com/works/effect-of-market-segmentation-on-the-performance-of-insurance-companies-in-nigeria. Accessed June 14, 2026.
Chicago
Abia-Bassey, walter. "Effect of Market Segmentation on the Performance of Insurance Companies in Nigeria." Afribary (2026). Accessed June 14, 2026. http://library.afribary.com/works/effect-of-market-segmentation-on-the-performance-of-insurance-companies-in-nigeria