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info@projectng.com

The Marketing Of Insurance Service In Enugu Urban

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THE MARKETING OF INSURANCE SERVICE IN ENUGU URBAN

ABSTRACT

 

The need for insurance marketing arises as a result of changes which have occurred in relent years in the environment, such changes have been traced to the up rising of risks that are now perceived in the business environment which now give rise to the demand for insurance services.

For the purpose of this study, the researcher reviewed the related literature relevant to the study.  The researcher also used the following in collecting data to enable him carryout effective study.  Primary and secondary data were collected through personal interview, newspapers, journals textbooks etc.  These were not enough to supply the information needed to that effect, the researcher make use of questionnaire which was designed and distributed to customer as well as to the staff of UNIC Insurance Company Plc.

From the questionnaire collected, the researcher made these major findings as follows:

-                     That a larger proportion of the company’s customer are satisfied while a lesser proportional of the customers are not satisfied with the service been rendered by UNIC.

-                     That a larger amount of customer received the much need conviction from the promotional activities of the company while a lesser amount do not receive the much needed conviction.

-                     That with the existence of a marketing department, a larger amount of customer do not believe that the existence of marketing department could lead to their satisfaction while a lesser amount is of the contrary opinion.

-                     That a considerable amount large amount of customer are of the opinion that the personnel of UNIC are assisting while a lower amount says they are not assisting.

Based on the finding the researcher made recommendation as follows:

-                     That UNIC Insurance should engage in the practice of living in the current changer within the insurance industry thus identifying the existing needs as risk coveraging.

-                     That UNIC Insurance Plc should properly oriented the personnel of marketing department more especially on the marketing concept practice.

That UNIC should engage in the use of research.

Based on the finding and recommendation the researcher concludes that UNIC Insurance Plc have a larger number of customer whom their services in all insurance activities are satisfactory and a lesser number of customer who are in contrary opinion to the above statement.  The researcher also conclude that UNIC have to improve in their service to enable them face further challenges.


TABLE OF CONTENTS

 

Title page

Approval page

Dedication

Acknowledgement

Abstract

Table of contents

 

CHAPTER ONE

Background of study

Statement of problem

Objectives of the study

Scope and delimitation of the study

Significance of the study

 

CHAPTER TWO

Literature review

Meaning of services

Types of service

Classification of service

Characteristics of services

Definition of insurance

Types of insurance policies

Orindary life assurance

Industrial life assurance

Motor insurance

Fire insurance

Review of marketing

Want

Demand

Application of marketing concept to insurance practice

Characteristics of insurance service

Intangibility

Inseparability

Perishability

Variability

 

CHAPTER THREE

Research methodology

Source of data

Population of the study

Sample size determination

Research instrument

Data analysis techniques

Limitation of the study

 

CHAPTER FOUR

Analysis interpretation and presentation of data

Source customer questionnaire

 

CHAPTER FIVE

Summary of findings, conclusion and recommendation

Conclusion

Recommendation

Areas of further studies

Summary of findings

Bibliography

Appendix


ABSTRACT

 

The need for insurance marketing arises as a result of change which love occurred in relent years in the environment, such changes have been traced to the up rising of risks that are now perceived in the business environment which now give rise to the demand for insurance services.

          For the purpose of this study, the researcher reviewed the related literature relevant to the study.  The researcher also used the following in collecting data to enable him carryout effective study.  Primary and secondary data were collected through personal interview, newspapers, journal textbooks etc.  These were not to supply the information needed and to that effect, the researcher make use of questionnaire which was designed and distributed to customer as well as to the staff of UNIC Insurance Company Plc.

          From the questionnaire collected, the researcher made these major finding as follows:

-                     That a larger proportion of the company’s customer are satisfied while a lesser proportional of the customers are not satisfied with the service been rendered by UNIC.

-                     That a larger amount of customer received the much need conviction from the promotional activities of the company while a lesser amount do not receive the much need conviction

-                     That with the existing of a marketing department, a larger amount of customer do not believe that the existence of marketing department could lead to their satisfaction while a lesser amount is of the contrary opinion.

-                     That a considerable larger amount of customer are of the opinion that the personnel of UNIC are assisting while a lower amount says they are not assisting.

Based on the finding the researcher made recommendation as follows:

-                     That UNIC Insurance should engage in the practice of living in the current charge within the insurance industry thus identifying the existing needs as risk coveraging.

-                     That UNIC Insurance Plc should properly oriented the personnel of marketing department more especially on the marketing concept practice.

That UNIC should engage in the use of research.

Based on the finding and recommendation the researcher concludes that UNIC Insurance Plc have a larger number of customer whom their services in all insurance activities are satisfactory and a lesser number of customer who are in contrary opinion to the above statement.  The researcher also conclude that UNIC have to improve in the servants to enable them face further challenges.

 

CHAPTER ONE

 

1.1            BACKGROUND OF STUDY

Like is bound to be faced with risks likewise it affects every aspects of endeavours.  This risks are unpredictable i.e. no one can say the time, level and where it will occur.  This brings in the question “If fall a victim to this risk, what can be done to bring the person back to his / her formal position?  And questions are asking who will assist in bringing the victims back to their original position, and this call for the practice of insurance whose primary duty is to bring victims back to their formal position in which they pay a fee known as premium usually annually or monthly.

Despite of all this essential duties of insurance, people still say that the practice is a waste of money others who practice it complain that the cost at which this service are being rendered are very high.  Although a general principle worldwide is that matters relate to insurance are being leaded by financial institution known as insurance company in which Nigeria is among.  This company put in consideration first to identify what actually the customers needed and want and then make a provision on how this needs, and wants should be satisfied at an affordable price.  This is a term the researcher called marketing concept.

Every thing being equal, some of this insurance company was unable to keep to their promise and people start considering it as Nigeria news in which another thing will be said and the reverse will be the case.  And this call for the existence of autonomous marketing department to oversee the affairs related to the effectiveness and efficient of this practice and marketing of thee service being offered by this insurance company.

Marketing of insurance service have a need of cordial relationship between the insurance company and the insured.  That means the employment and development of high resource people should be practice in the industry.

Therefore, consumer concept, marketing concept and service marketing mix should be properly blended to form a formidable strategy to assure the company’s growth and existence and for the entire growth of the economy.

 

 

 

 

1.2            STATEMENT OF PROBLEM

Knowing too well that risks are bound to occur in life and against activity been engaged upon, it is now a practical phenomenon that an insurance policy is becoming a necessity in all endeavours.  The question now is:

-                     What kind of service are being rendered to these customers, are they actually in line with the needs and wants of the customers?

-                     Another statement of problem is, at what cost are these product/service being offered to customers, can they afford to buy these services compared to all other available alternatives?

-                     The next is, has Unic Insurance Company Plc  found it necessary to ascertain the fact that the employment and development of high resource people facilitate patronage from customers and how important the people and sales force means to the insurance company?

-                     Another question is, is there any autonomous marketing department in Unic Insurance Company Plc that can oversee the affairs related to the effective and efficient marketing of these services being offered by this insurance company.

1.3     OBJECTIVES OF THE STUDY

          Among the objectives of this research include:

*        To determine the service being rendered by this insurance company.

*        To determine the cost at which is service are being rendered to customers.

*        To ascertain the presence of an autonomous marketing department and the degree of autonomy as well as the impact of this department on the quality of service being rendered by this insurance company.

*        To determine how the personal interact with the customers and any other technique that the company uses in retaining and attracting old and new customer respectively.

          Finally, to make recommendations on how to improve the marketing of insurance services in Enugu urban especially the UNIC Insurance Company Plc.

 

 

 

 

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