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MARKETING OF
MOTOR INSURANCE POLICIES IN NIGERIA; PROBLEMS AND PROSPECTS
ABSTRACT
This
research work focused on the Marketing of Motor Insurance in Nigeria; the
problems facing and hampering smooth marketing of the policy in Nigeria, as
well as motor insurance has in Nigeria. The motor insurance is one of the
compulsory insurance in Nigeria (third party) under section 68 of Insurance Act
2003. The motor insurance marketing has been facing various challenges ranging
from the issuance of fake certificate by much room cooperative societies and
unfaithful insurance Agents and Brokers. In an attempt to solve the problems
identified, the objectives of the research work was outlined which includes to
examine the problems facing motor insurance marketing in Nigeria, to ascertain
the effect of unethical practice of insurance intermediaries and others. Upon
the stated objectives, the research questions were formulated. The researcher
pointed out the significance of the research work as well as the scope and
limitation of the study. Literatures relating to the topic under discussion
were reviewed and the research methodology explained which show that the
primary data and secondary data are the two major sources of data, the
population and sample size wee obtained. The instrument used for data
collection and investigation is the questionnaire. The researcher following the
analysis and presentation of data collected were able to find out that motor
insurance marketing has been facing various challenges and that governments are
no doing well in enforcing compulsory 3rd party insurance. Following the finding,
conclusions and recommendations for the way forward were made by the
researcher.
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
Loses and
risks are inevitable but human societies have created novel ways of reducing
the burden of loss, the most effective being insurance.
Insurance is
a means whereby a person pays some of money called premium in order to
indemnify self against loss of a belonging with much more than the premium.
When the belonging being indemnified is the motor vehicle, such insurance is
called motor insurance or vehicle insurance. In Nigeria, there are two types of
motor vehicle insurance offered by most insurance companies in Nigeria namely
third party and comprehensive cover.
One of the
major requirement to drive on Nigerian roads is the possession of a minimum of
third party motor insurance certificate. Section 68 of the 2003 insurance Act
states “No person shall use or cause or permit any other person to use a motor
vehicle on a road unless a liability, which he may thereby never in respect of
damage to the property of third parties is insured with an insurer registered
under this Act”.
However,
most of the vehicles in the country either ignorantly in out of consciousness
have continued to carry fake certificates about. The National Insurance
Commission has said that over 70 percent of vehicles on Nigeria roads are in
possession of fake insurance vehicle certificate and this was attributed to
ineffective motor insurance marketing in Nigeria.
The motor
insurance marketing in Nigeria has been on the back logged because of various
factors which are generally problems facing the insurance industry in Nigeria
which are delayed settlement of genuine claims, low level of regularly
compliance; absence of new products, delayed remittance of premium by
intermediaries, in road of banks into the industry moral hazards and sharp
practices, government’s policy inconsistency, weak regularly measures, illegal
commission and rebates, etc. This research work is designed to examine the
marketing of motor insurance in Nigeria, problems facing it and the prospect.
1.2 STATEMENT OF THE PROBLEM
1. The delay in remittance of premium by
intermediaries to the insurance companies.
2. Government’s policy inconsistency; which
results in the general public not knowing the suitable cover for a particular
vehicle.
3. Delayed settlement of genuine claims by the
insurance companies.
4. Absence of new products. The insurance
industry has failed to design products that will suit the economic conditions
of Nigerians who own vehicles.
1.3 OBJECTIVES OF THE STUDY
1. To examine the problems facing the
marketing of motor insurance policy in Nigeria.
2. To find out the effect of
delayed/non-remittance of premium by intermediaries on the motor insurance
marketing.
3. To ascertain the role of government and
NAICOM in regulating and monitoring motor insurance business.
4. To know the implication of
improper/inadequate product/new product development by the insurance industry
in the development of motor insurance in Nigeria.
1.4 RESEARCH QUESTIONS
1. Does delay in remittance of premium by
intermediaries to the insurance companies have impact on the marketing of motor
insurance?
2. What effect ahs the inconsistence on the
government policy on the motor insurance marketing in Nigeria?
3. Why is the insurance industry not
encouraged to innovate products on the motor insurance policy to hence the
consumer patronage?
4. What are the roles of National insurance
commission in regulating the premium charge on the motor insurance business in
Nigeria?
5. Do delay claims settlements of genuine
claims by the insurance industry contributes to the general public apathy on
the insurance marketing in Nigeria?
1.5 SIGNIFICANCE OF THE STUDY
The
significance of the research work is largely based on the identified objectives
which the research is aimed at solving. The research work is of specific
importance to all stakeholders in motor insurance in Nigeria, which includes;
the policyholder, government, insurer, the general public, the intermediaries,
the investors and students at large.
The research
work is of great important to the general public (3rd party) in that it will
enable them know their right, against the insurance company and policyholders
when they sustained injury, damage to properties caused by the vehicles.
The study
will also expire ways by which the insurance company and the policyholders will
improve on the operation of motor insurance business in Nigeria and also
identify the best channels of distribution of the various types of motor
insurance cover/policy.
1.6 SCOPE AND LIMITATION
This study
examines “The marketing of motor insurance business in Nigeria; problems and
prospects, taking Industrial and General Insurance Plc as a case study.
In the
course of carrying out this research work, the researcher encountered various
challenges, they include the following:-
1. Paucity of Fund: Due to the inadequate
funding of this research work, the researcher could not be able to extend the
scope of the coverage to other insurance companies in Enugu state.
2. Dearth of Statistical Data: The field
aspect of the work required the administration of questionnaire, some of the
respondents declined to respond to the questions asked due to the industrial
espionage, and the adequate informations are not available on the motor
accidents in Nigeria and its affected the outcome of this research work.
3. Time: The research work was limited by
time, as there is not enough time to carry out accurate research work.
1.7 DEFINITION OF TERMS
Abandonment:
The act of giving up the ownership of something covered by an insurance policy
and treating it as if it has been completely lost or destroyed.
Advertising:
A communication that is paid for by an identified sponsor which the object of
promoting ideas, goods, and services.
Boom: The
part of business cycle that follows a recovery, in which the economy is working
at full capacity.
Breach of
Contract: A failure by a party to a contract to perform the obligations in the
contract or an indication of an intention that a contract will be breached in
the future is called repudiation or an anticipatory breach;
Cancellation:
The right to cancel a commercial contract after it has been entered into.
Certificate
of Insurance: A certificate giving abbreviated defeats of the cover provides by
an insurance policy.
Damages:
Compensation, in monetary form, for a loss or injury, breach of contract, fort,
or infringement of a right.
Indemnity:
An agreement by one party to make good the losses suffered by another, usually
by payment of money, repair, replacement, or reinstatement. Motor Insurance
Policies
Marketing:
The process of planning and executing the conception, pricing, promotion, and
distribution of ideas, products, and services to create exchanges that will
satisfy the need of individual and organizations. Motor Insurance Policies
Paid-up-policy:
An endowment assurance policy in which the assured has decided to stop paying
premium before the end of the policy term. Motor Insurance Policies
Penetration:
The extent to which a product or an advertisement has been accepted by, or has
registered with, the total number of possible users. Motor Insurance Policies
Policy: An
insurance policy is a document that set out the terms and conditions of an
insurance contract. Motor Insurance Policies
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