ESTABLISHMENT OF INSURANCE AGENCY IN INSTITUTE OF MANAGEMENT AND TECHNOLOGY (I.M.T) PROBLEMS AND PROSPECTS
This project is a pure study on the appreciation of insurance discipline in our institution. The idea of this study is to ascertain the potential insurance buyer in the institute of management and technology, Enugu and also if the staff will purchase insurance from insurance Agency if established in the institute.
Moreover to carry out this investigation, the following objectives were formulated.
1. To ascertain the potential insurance buyers in the institute of management and Technology (IMT). Enugu.
2. To advice the institute on the importance of agency of office if it is established in I.M.T.
3. To enhance the insurance services for the buyers and reduce bottleneck encountered with outside Agents and brokers.
4. To reduce cost of insurance for the institute.
In order to achieve these aims, questionnaire, and oral interview were used and critically analyzed in chapter four.
Recommendation were therefore drawn from the analysis in chapter 5.3.
TABLE OF CONTENT
1.0 Introduction 1
1.1 Background of study 3
1.2 Statement of problems 4
1.3 Objective of study 5
1.4 Significance of study 5
1.5 Research question 6
1.6 Scope and limitation of study 7
1.7 Definition of terms 13
Review of related literature 15
Research methodology 33
3.1 Study area and population 33
3.2 Sample size 34
3.3 Development of research instrument 34
Presentation and analysis of data 36
5.1 Summary of findings 53
5.2 Conclusion 54
5.3 Recommendation 55
Hardly have most people in Nigeria today actually understood the real place of marketing in the insurance industry. Often and again, people misunderstood the function and role of brokers and agents in the insurance industry.
Before the subject matter at this project is tackled, it is necessary that a brief definition be given. Marketing could be defined as a function in business which aids selling, plus marketing research promotion, distribution, service product scheduling e.t.c.
In view of the fact that marketing is the brining out of what the customer needs, in actual fact and in most cases the client does not know or unaware of what he really needs whereby the remaining job is left for the agents and brokers to convince the propose about the product.
The main purpose of establishing insurance agency in a place is to create insurance awareness to the people at that particular area or environment. This bridges the gap between the people and the policy holders which will indemnify them against certain risks. To put up an insurance agency in an institution will also enable the community within the institution understand and learn of certain risks which they do not know. The establishment of insurance agency in IMT littler to becomes necessary considering the role at the institute in the training of manpower for insurance industry.