MARKETING OF LIFE ASSURANCE POLICIES IN NIGERIA PROBLEMS AND PROSPECTS
TABLE OF CONTENTS
- History and Development of Life Assurance in Nigeria
- The Need for Life Assurance Policy
- Statement of Problem
- Purpose of the Study
- Significance of Study
- Scope of Study and Limitation
CHAPTER TWO – LITERATURE REVIEW
- What is Life Assurance?
- Scope of Life Assurance
- Special Characteristics of Marketing Life Assurance
- Factors Affecting Life Assurance Market
- Marketing Life Assurance Strategies
CHAPTER THREE – RESEARCH METHODOLOGY
- Sources of Data
- Ways of Data Collection
Data Presentation & Analysis
- Summary of Findings
In Nigeria, the issue of taking life assurance has been neglected, in the sense that at this present time, it is estimated that not up to two percent of Nigerians own life assurance policies. For this fact, the benefits and roles life assurance plays in this country is being viewed from a very cooked point thereby making it slightly visible. Moreover the life assurance industry has entered an era of accelerated changes as a result of increased competition in products and pricing within all insurance sectors. Hence professional marketing management is now pre-requisite, if a company is to return or advance its position in the competition hierarchy.
- HISTORY AND DEVELOPMENT OF LIFE ASSURANCE IN NIGERIA
In life assurance programs, funds are accumulated though payments made by the assured persons called premium so that, should death occur, prior to a specified date or upon survival at an agreed period funds would be made available from the scheme to pay whatever benefits that are due.
The idea of assistance and association is not new to the Nigerian society. Various town and clan unions and social clubs, have various ways of showing benevolence to their bereaved number as discussed in earlier. It is customary for people to pay condolence visit and present as sympathy purse. These practice are similar to mutual life assurance.
However, life assurance as practiced today is part of the nations colonial heritage.
Obviously, the British introduced life assurance into Nigeria, hence the practice closely follows the British pattern.
The earliest colonial insurace interest in Nigeria was directed to general insurance of goods and cargo.
Few life business which trickled in were referred to British Home offices in London for processing. Only the affluent could afford then because it was considered as enormous risk to insure person living in the topics and the cost of providing such life cover was very expensive and uneconomical.