THE PROBLEMS ENCOUNTERED BY INTERMEDIARIES IN THE NIGERIA INSURANCE INDUSTRY AND THE FUTURE PROSPECTS
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Table of ContentsCHAPTER ONE
1.0 INTRODUCTION OF THE PROBLEMS ENCOUNTERED BY INTERMEDIARIES IN THE NIGERIA INSURANCE INDUSTRY AND THE FUTURE PROSPECTS
1.1 Background of Study
1.2 Statement of Problem
1.3 Objective of Study
1.4 Significance of the Study
1.5 Scope and Limitation of Study
1.6 Definition of Terms
1.7 ReferencesCHAPTER TWO
2.0 LITERATURE REVIEW OF THE PROBLEMS ENCOUNTERED BY INTERMEDIARIES IN THE NIGERIA INSURANCE INDUSTRY AND THE FUTURE PROSPECTS
2.1 Definition of Intermediaries
2.2.1 Insurance Broker
2.2.2 Insurance Agent
2.3 The Effect of People's Ignorance to the Intermediaries and Insurance Industry
2.4 The Effect of Political Instability to Insurance Industry
2.5 The Effect of Insurance Company at Unsuitable Area to Intermediaries
2.6 The Effect of Poor Image of Intermediaries
2.7 Task of Intermediaries
3.0 RESEARCH METHODOLOGY OF THE PROBLEMS ENCOUNTERED BY INTERMEDIARIES IN THE NIGERIA INSURANCE INDUSTRY AND THE FUTURE PROSPECTS
3.1 Research Design
3.2 Sources of Data
3.3 Method of Data Collection
3.4 Sample Size
3.5 Validity and Reliability of Instrument
4.0 DATA PRESENTATION AND ANALYSIS OF THE PROBLEMS ENCOUNTERED BY INTERMEDIARIES IN THE NIGERIA INSURANCE INDUSTRY AND THE FUTURE PROSPECTS
5.0 SUMMARY OF FINDINGS, CONCLUSION AND RECOMMENDATIONOF THE PROBLEMS ENCOUNTERED BY INTERMEDIARIES IN THE NIGERIA INSURANCE INDUSTRY AND THE FUTURE PROSPECTS
5.1 Summary of Findings
The research was aimed at finding the problems encountered by intermediaries in the Nigerian Insurance industry and their future prospects. Electronic mails were sent to brokerage firms. Questionnaires were also sent to Manager / Directors. The research showed that these people nearly made similar problem facing them.
It was observed that some insurance companies have not got qualified and experience people in handling the work of the intermediaries.
On the part of agents, most of them had elementary education. The research revealed that ineffective publicity of insurance brings poor image to the company. Also greater percentage of people does not know what insurance is all about. They only go to place where they make their earnings. And with few questionnaires shared, people prefer direct contact rather than going through the insurance brokers or agents.
It was also gathered that they find it difficult where the company is not situated in a city because traveling to rural area where there is lack of infrastructural facilities like good road, water and electricity is regarded as unsuitable area to transact such business, so it hinders the operations of the brokers and agents.
The researcher also found out that there are problems in premium collection. They mentioned that premium have always been problems from to the insurance companies.RECOMMENDATIONS
On the basis of the researcher, he makes the following recommendations which he sincerely believe will help solve the problems of brokers and agents in Nigeria insurance industries.
The insurance industry should try to establish a marketing department that will see to the satisfaction of customer needs, since the sole aim of marketing is "customer satisfaction". The insurance company should try and utilise professional men and women of high qualification and experience, apart from the marketing department. Not only will effort increase the level of satisfaction derived from its products, it will also generate the needed trust between the insurer on one hand and the insured on the other.
In the act of premium collection, it was alleged that sum – insured were often inflated by the brokers in order that huge premium could be charged to enhance the brokers commission income, and even alleged that some risks in respect of which premiums had been collected were never insured, in this case, the insurance company should embark on organizing where premium should be sent to instead of using the brokers in collecting the premium and if not paid them the company will assume that the life assumed is not interested hence, the assured is uncovered.
Delay in underwriting should be reduced because this often cause misunderstanding between the policyholder and the brokers nor agents on the process of issuing the policy, because the insured at times will be feeling one kind having in mind that the brokers have not paid the premium collected from him.
The insurance company should try to locate their branches in the rural areas close tot he customers so as to reduce the risk associated with long journeys and the menace of occasional attacks by robbers. The federal government should intensity their effort towards this direction and also encourages the establishment of branches in order to encourage competition within the insurance industry as this will go a long way towards improving the quality of insurance services.
The insurance company should embark on promotional campaign by t he brokers and agents to create awareness of their existence throughout the country and arouse the interest of potential customers. And there is no use of advertising in newspaper, when the target can only be reached by radio and in vermicular. So it is advisable to advertise through electronic media because of the illiterate one who do not know how to read. The promotional campaign should portray the service benefits in an appealing manner as possible and should build a good reputation is very essential.
Finally, considering the constraints imposed on the researcher during the course of the study, he cannot claim that his findings are absolute. The researcher recommend that further studies should be carried out on this topic.CONCLUSION
Based on the findings, the researcher also concluded that broker and agents in Nigeria Insurance Industry help to promote advertise and educating the products to the customers.
The insurance companies advertise their service well, the have not effectively and efficiently made use of their brokers and agents and that is whey brokers and agents are not known in our society.
The attitudes of the intermediaries when considered are not encouraging. Clients complain of poor relationship and poor services.
From the study carried out, the researcher concluded that lack of manpower requirement have been the major problem in marketing insurance services.
The managers in branch offices are not allowed to manage the company freely. There are much control of branch mangers by those in Headquarters and this has always delayed brokers and agents services because all the underwriting aspects have to be done in head office.