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 witness a low level confidence in the insuring public, the general patronage is still at lowest. Internal problems among the executives in an organization hinder the smooth implementation of marketing concept to insurance activities this is due to inability of the management of various insurance companies to engage the services of qualified marketers. In view of these and other related problems facing the industry that necessitated this research work in order for the researcher to proffer solutions to these problems. The specific objectives of the study are: To examine the relevance of the marketing concept in the marketing of insurance services in Nigeria. To examine the problem encountered in the adoption of marketing concept in insurance industry in Nigeria This study has been structured into five chapters to make for easy reading and comprehension. The researcher employed various means of data collection of which the researcher extensively made use of primary and secondary data, the use of questionnaires and survey research method was exhaustively utilized. Chapter one dealt with the background of the study and general introduction, chapter two is the literature review where all the other authors work on the subject matter are reviewed, chapter three is the research methodology and design where all the blue print for carrying out the research is clearly stated, chapter four is the data presentation and analysis this is where the data generated for the study is presented in tables and percentages for easy comprehension while chapter five is the summary of findings, conclusion and recommendations. The researcher employed various statistical tools in order to give the research empirical evidence and sound conclusion. One of the results of the findings showed that that the application of marketing concept by insurance companies has enhanced the marketing of insurance in Nigeria. The researcher recommended that insurance companies should extent the scope of their marketing research, so that it will cover a wider segment of the society, especially people, living and working in the rural areas.

Table of Content

Title Page

Abstract

Table of content

CHAPTER ONE

INTRODUCTION

1.1 Background of study

1.2 Statement of problem

1.3 Objectives of study

1.4 Research questions

1.5 Statement of hypothesis

1.6 Significance of the study

1.7 Scope and limitation of study

1.8 Definition of terms

References

CHAPTER TWO

LITERATURE REVIEW

2.1 An overview of insurance

2.2 Main classes of insurance business

2.3 Need and importance of insurance and economy

2.4 Marketing concept

2.5 Selling concept

2.6 Marketing versus selling concepts

2.7 Relevance of marketing concepts to an insurance industry

2.8 Strategic marketing insurance services

CHAPTER THREE

RESEARCH METHODOLOGY

3.1 Area of coverage

3.2 Sources of data

3.3 Sample size

3.4 Sampling procedure

3.5 Method of data analysis

CHAPTER FOUR

DATA PRESENTATION AND ANALYSIS

4.1 Test of hypothesis I

4.2 Test of hypothesis ii

4.3 Test of hypothesis iii

CHAPTER FIVE

SUMMARY OF FINDINGS, RECOMMENDATION AND CONCLUSION

5.1 Summary of findings

5.2 Recommendation

5.3 Conclusion

Bibliography

Appendix

Questionnaire

Introduction

1.1 BACKGROUND OF STUDY

There concept “insurance” has defined by many authors and from different perspectives but all those definitions are emphasizing on one thing, that is being a pool of risk also a risk transfer from one person to another.

According to Fagan J.I (1989) Insurance is defined as a social derive of explosive units to make their individual losses collectively. Insurance allows the individual insure to substitute a small cost (i.e. premium) for so large but uncertain loss (not to Exceed the amount of insurance under an arrangement whereby the fortunate many who escape loss will helps to compensate the unfortunate few who suffer loss. The aim of insurance contract is to provide indemnity, ie compensation for injuring or loss sustained. Insurance has two broad classes which include life and non-life insurance. Life insurance comprise of whole life assurance, term assurance, endowment assurance and Annuity while Non-life insurance consist of fire insurance, marine insurance, motor vehicle insurance, contractors “all risk” and engineering risk insurance occupy a strategic position in on economy because it is the only business which exists for the survival of other business. Moreover, for these insurance product and service which is available to consumers to reach target market (that is desire people), adequate sensitization and awareness should be create in order to reach out to all the consumers. One of these is the adoption of selling concept. An organization produces a product and then uses various methods of selling to persuade a customer to buy their product. Their aim is to sell what they product and not to satisfying what the customers wants and need. Selling concept which include product, place, price and marketing which include product, place price and promotion have a long way in satisfying potential consumers and encourage others towards insurance products. The focus of marketing mix remain how to make people embrace insurance product, use the products and enjoy the varieties of services offered by the insurance company and in turn make profit.

The marketing concept is a philosophy of the business which states that the customer wants satisfaction is the economic and social justification of their wants at a profitable volume in an integrated business operation. The marketing concept can also be said to be the philosophy that recognizes that the consumers is at the centre of everything we do in business. Its concept believes that without consumers there on be no marketing and based on this it should be aimed at satisfying the need of the consumer.

Marketing Concepts A Sure Way Of Enhancing Growth In The Sale Of Insurance Services.

Key Features

Table of Content

Introduction