Get the complete project »
- The Complete Research Material is averagely 93 pages long and it is in Ms Word Format, it has 1-5 Chapters.
- Major Attributes are Abstract, All Chapters, Figures, Appendix, References.
- Study Level: BTech, BSc, BEng, BA, HND, ND or NCE.
- Full Access Fee: ₦4,000
1.1. Background of the Study.
A study of insurance history reveals that insurance practice arose from the need to protect against certain perils at each stage of human development. A contract of insurance in the widest sense of the term may be defined as a contract whereby one person called the insurer, undertake in return for an agreed consideration called the premium to pay to another person called the insured, a sum of money or its equivalent on the happening of a specified event… where the payment of the money or other benefits is discretionary the contract is not one of insurance (Ivamy 1979).
The practitioners and buyers of insurance agrees to transact the business out of the recognition of the mutual benefits the two parties derives from the practice. Insurance from certain points of view is a peak accomplishment in the long series of organizational mechanism to which men have devoted their creative talents down through centuries of social evolution (Hansel 1974). Insurance is designed to serve the individual in the society where each member is presumed to be economically self reliant. The insuring public and insurers operated with some degree of risk in the absence of statistical data on which to base premiums and lack of past performances from the insurers. Insurers constantly monitor the security needs of the society and seek ways and means by which insurance cover can be arranged and to provide protection for those needs without endangering their own security.
In the process of providing security for the insuring public, some secondary roles develop which eventually enhanced the practice and development of insurance in the world. Some of these functions includes: Risk management or the analysis
and control of risk, the encouragement and promotion of business enterprises through the investment of insurance premiums. For example, in Nigeria, insurance funds contributions in the economy is in excess of N500 billion (Meidan, 1984).By offering financial security to individuals and corporate organizations, the insurance industry encourages and promotes development. Majority of large scale projects embarked upon in the country today are made possible because of the availability of insurance cover.
In addition to the above, the assurance of compensation in the event of a loss provides security and peace of mind so that management time can be devoted to productive ventures without which there cannot be any substantial progress. In Nigeria, insurance business in its modern practice started in 1921 with the establishment of a branch of the Royal Exchange Assurance. The British insurers had appointed agents to represent their interest in Nigeria. These agencies later gave way to full branches representing various insurers from United Kingdom. Private Nigerian investor who ventured into insurance business later could not compete effectively with those foreign owner companies due to various reasons of which include inadequate capital base, lack of requisite technical knowledge and non-provision of proper training facilities among others.
The public image of the industry was not very encouraging mainly due to the fraudulent practice of certain insurance practitioners and the inability of the average individual to comprehend the intricacies of insurance practice. Today some people are still skeptical about the willingness and ability of Nigerian
insurers to meet its contractual obligations in the event of a loss. The image problem in the Nigerian insurance industry cannot be effectively tackled without adequately understanding the source of the problem. A good diagnosis of the ailment would provide the knowledge required to guide any action aimed at solving the problem. Peter M. Latam, the great philosopher who lived between 1789 and 1875 is of the opinion that the diagnosis of a disease is often difficult and impossible but we should always presume the disease to be curable until its own nature proves it otherwise (Ogunkanmi 1992). Certainly, the image problem of the insurance industry is curable.
1.2. Statement of Research Problem
In Nigeria, as old as the insurance industry is, public attitude to insurance and its practitioners is one of suspicion, very often manifested in outright distrust of what insurers do. But for the fact that some classes of insurance are made compulsory by law, very few Nigerians would have nothing to do with insurance companies. This is a dangerous disposition to the industry by the public such that a hitherto careless industry has of late realized its complications to the health of its members and by extension; the entire industry has begun implementing some counter measures
.Improving the image of the industry has become a marketing imperative considering the significance of the issue of enhancing the public image of insurance with the likely background of an unpredictable economic, social, cultural, political, legal, and marketing setting within which managers may be forced to make certain decisions. Now there is an urgent need to promote
insurance awareness through Public Relations strategies and to eliminate some of the common misunderstandings and conceptions about the purpose and functions of insurance which generally contribute to the real and imagined poor public image of the insurance industry. The Nigerian public distrust of insurance companies for being quick to collect premiums and slow in paying claims seems to be an erroneous impression created by the communication gap between the insurer and the insured (Idigo,1991). The lack luster performance of the industry in Nigeria as a whole and in Enugu State in particular confirms the unsuccessfulness of these organizations
1.3 Objectives of the study.
The general objective of the study is the Public Relations strategies for enhancing the image of insurance industries in Enugu urban. The following are therefore the specific objectives.
Ø To ascertain the level of insurance awareness in Enugu urban as a unique modern safeguard against certain economic risks.
Ø To determine the intensity of demand for insurance in Enugu urban.
Ø To identify the problems of poor image of insurance companies in Enugu urban.
Ø To identify the Public Relations strategies for enhancing the insurance
image in Enugu urban
1.4 Research Questions
Ø What is the level of insurance awareness in Enugu urban as a unique modern safeguard against certain economic risks?
Ø What is the intensity of demand for insurance in Enugu State?
Ø What are the problems / issues that tarnish the image of insurance companies in Enugu urban?
Ø What are the Public Relations Strategies for enhancing insurance image in
1.5 Research Hypothesis
Ø Ho: The level of insurance awareness in Enugu urban as a unique modern safeguard against certain economic risk is not low.
Ø Ho: The intensity of demand for insurance in Enugu urban is not low.
Ø HO: Public relations strategies will not significantly enhance the image of
insurance companies in Enugu urban
1.6 Significance of Study
The study explores the public relations strategies for enhancing the image of insurance industries the image of insurance industries in Enugu urban. The study will therefore be significant in these ways:
Practically it will aid the insurance companies to know the best strategy to use in enhancing their image in Nigeria; it will also be helpful to policy markers and administrators in policy formulation and implementation as it relates to the insurance industry. Theoretically, the study will add and contribute to the existing literature on insurance industry and ways of making it come alive again in Nigeria. It would be of particular importance to public relations experts, insurance practitioners and students especially in marketing and business administration.
1.7. Scope of the Study
This study has as its scope enhancing the image of insurance industries in Nigeria.. Although it identifies Enugu urban as a case study, it aims at investigating the public relations strategies for enhancing the image of insurance industries.
You either get what you want or your money back. T&C Apply
Share a Comment
You can find more project topics easily, just search
SIMILAR BUSINESS ADMINISTRATION FINAL YEAR PROJECT RESEARCH TOPICS
» CHAPTER ONE INTRODUCTION 1.1 Background to the study In every aspect of human society and endeavor, conflict is seen as a natural phenomenon that is, ...Continue Reading »
» CHAPTER ONE INTRODUTION 1.1 Background of the Study The research is to be conducted on “The impact of insurance service on business survival in ...Continue Reading »
3. THE ROLE OF SMALL SCALE BUSINESS ENTERPRISES TO THE ECONOMICS DEVELOPMENT (A CASE STUDY OF SOKOTO SOUTH LOCAL GOVERNMENT)» ABSTRACT In this research work, the researcher intended to have a general discussion with local government as my background. But lack of space may not...Continue Reading »
4. CREDIT MANAGEMENT PROBLEMS OF PROFIT ORIENTED ORGANIZATION (A CASE STUDY OF POWER HOLDING COMPANY OF NIGERIA PLC, UYO AKWA IBOM STATE)» ABSTRACT It is axiomatic that all private sector participation in business, whether in small medium or large scale aim at optimal and prudent utilizat...Continue Reading »
» ABSTRACT The research titled “The Impact of Management Style on the Efficiency of Selected Government Owned Companies In Enugu State” started with...Continue Reading »
» Abstract This study is on customer perceived values and customers satisfaction in travel agency in Nigeria. The total population for the study is 200 ...Continue Reading »
» ABSTRACT The introduction of universal banking law has brought changes over the years, with it stiff competition in the banking industry. Commercial b...Continue Reading »
8. THE EFFECT OF MOTIVATION AS A TOOL FOR INCREASING EMPLOYEE EFFICIENCY AND PRODUCTIVITY (A STUDY OF SELECTED BANKS IN NIGERIA)» CHAPTER ONE INTRODUCTION 1.1 BACKGROUND OF THE STUDY In recent times, managers and management researchers have long believed that organizational goals...Continue Reading »
» ABSTRACT The study was carried out to examine the effect of collateral on access to finance of small and medium enterprises in Kogi State with a parti...Continue Reading »
10. IMPACT OF TOTAL QUALITY MANAGEMENT ON ORGANIZATIONAL PRODUCTIVITY (A CASE STUDY OF AMA BREWERY, 9TH MILE CORNER, ENUGU)» TABLE OF CONTENTS TITLE..................................................................................................................................Continue Reading »