Marketing Of Insurance Services In The Midst Of Universal Banking Environment Problems, Prospects And Challenges

MARKETING OF INSURANCE SERVICES IN THE MIDST OF UNIVERSAL BANKING ENVIRONMENT PROBLEMS, PROSPECTS AND CHALLENGES

ABSTRACT

Marketing is the anticipation management, which satisfies human wants through exchange process. The system of marketing of insurance service in universal banking environmental by the central bank of Nigeria, in January 2001, in its monetary and fiscal policy guidance, as response to this enactment, certain banks in order to run effectively insurance service have by way of acquisition bought over same issuance companies and incorporates them as subsidiaries in their organization. This action execute by these banks, may eventually have an impact on the insurance industry as a whole. The research work was conducted, to see it there is actually any from of impact whatsoever on the industries due to the action. The research consulted some publication in relation due to this topic and also staged can transitive  interviews with certain practitioners in the insurance industry and eventually come out with reasonable conclusion and proper recommendation in regards to this  topic. The marking of insurance service in the midst of universal banking environment.           

TABLE OF CONTENT

Title page                                                                         i

Approval page                                                                 ii

Dedication                                                                       iii

Acknowledgment                                                             iv

Table of content                                                              v

CHAPTER ONE

INTRODUCTION 

1.1      Background of the Study                                        1

1.2      Statement of the Problems                                     4

1.3      Objectives of the Study                                           5

1.4      Significance of  the Study                                       6

1.5        Research Question                                                7

1.6      The Scope and Limitation of Study                        8

1.7      Definition of Terms                                                 9

CHAPTER TWO

REVIEW OF RELATED LITERATURE

2.1      Historical Development of Insurance Industry in Nigeria.                                                                     11

2.2      Historical Development of Banking Industry in Nigeria                                                                14

2.3      The meaning of universal banking practice in the financial system                                                      20

2.4      The Meaning of Marketing as Applied to Insurance in the Midst of the Universal Banking and its Products 21

2.5      Management and Investment of Insurance Fund in the Universal Banking Arrangement.                   24

2.6        The Effect of Universal Banking Practice on Insurance Industry.                                               25

2.7   Problems Facing Marketing of Insurance Service in the Midst of Universal Banking System.            27

2.8      Prospect of Effective Management Practice of Universal Banking                                                  29

2.9 Changes Facing the Insurance Industry                  30

Reference                                                                 35

CHAPTER THREE

RESEARCH METHODOLOGY

3.2     Locations of Data                                                    36

3.3   Population of the Study                                          38

3.4   Validity and Reliability of the Instrument              38

CHAPTER FOUR

SUMMARY OF FINDINGS                                               41

CHAPTER FIVE

CONCLUSION AND RECOMMENDATION                     43

5.1   Conclusion                                                              43

5.2   Recommendation                                                    44

APPENDIX 1                                                                    47

APPENDIX II                                                                   48

CHAPTER ONE

INTRODUCTION  

1.8     Background of the Study

There are number of projects written a marketing of insurance service in universal banking environment. But as far as know, a comprehensive work has never been written from that aspect of identifying these problem an marketing these insurance service challenges and making ways to find prospect of suggest possible solution to the general public. The insurer the insured and the insurance industry at large.

The insurance industry has a critical role to play in economic development of the country. It is in recognition of this fact that the federal government granted approvals for the establishment of more insurance companies. Therefore insurance business has grown by leaf and bounds since 1960 when the nation achieved their independence. Insurance has been promoted by the Nigeria public in cooperation with reputable foreign technical partner. This is good for the economy and it is as reflection of confidence, which both foreign and indigenous enterprises have in the Nigeria economy.

We would live toe proceed to the topic to be discussed “marking insurance services in the universal banking environment, problems, prospects and challenges” the problem definitely is a serious one, poor market strategies used in the marking of this services have lead to poor level of sales turnout in recent years.

Having marketing problem is not a new thing; they are as old as the industry itself. However, in recent times, the rate and frequency of which the come up has been a course of great concern to Nigeria because some banks lose millions of naira in various areas of transaction yearly. Despite the effects of chief inspector the insurers