Opinion Leadership and Marketing of Life Assurance in Selected Insurance Firms in Nigeria
Journal Title: International Journal of Empirical Finance - Year 2015, Vol 4, Issue 3
Abstract
Marketing of life assurance policies in a slow-paced moving Nigerian economy, and a sector almost ravaged by negative perception and poor consumer attitude, has over the years pose onerous task to insurance business practitioners. Yet, the use of opinion leadership as a solution strategy has seldom been considered. Thus, this study examined opinion leadership and its effects on successful marketing of life assurance products in Nigeria. Five major insurance firms offering life assurance services in Lagos constituted units of analysis for the study. The research method was descriptive, making use of the survey design with the study population of about 1500 core insurance practitioners. From the population space, a random sample of 150 practitioners was drawn from the first five insurance firms listed on the directory of the National Insurance Commission (NAICOM). Relevant data was collected through administration of the structured questionnaire; same were analysed using descriptive statistics. Results showed that effective implementation of opinion leadership enhances marketing of life assurance policy leading to increased customer base, enhanced buying decision, increased word of mouth, prevent switching, and increased customer confidence and trust. The study also found that successful application of opinion leadership in Nigeria has been impaired by unsound marketing strategies, poor knowledge of insurance market, inadequate market research, non-flexible marketing strategy, and lack of top management commitment. As part of the recommendations, there is need to increase awareness about the importance, benefits, and practicability of opinion leadership in Nigerian insurance industry.
Authors and Affiliations
Francis Aniefiok Bassey, John Nsikan Efiok, Okon, Saviour Sylvester, Inegbedion Daniel Osemudiamen
Keywords
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