THE RELATIONSHIP BETWEEN LOCAL COMMUNITIES AWARENESS OF INSURANCE AND THE DEMAND FOR LIFE INSURANCE PRODUCTS

ABSTRACT: The main aim of this study is to examine the influence of insurance awareness on the demand for life insurance products in Lagos State, specifically concentrating on the population of Alimosho Local Government Area. The research study utilised a survey research design and applied a straightforward sampling method to recruit a total of 150 participants. A carefully constructed survey was administered to a sample of 150 individuals, resulting in a total of 141 responses that were then validated for the purpose of this research. The data underwent analysed using frequencies and tables, applying simple percentage calculations, as well as measures of central tendency such as mean and standard deviation. A hypothesis test was conducted using the Chi-Square statistical method. The findings of the study suggest that there is a notable correlation between awareness and the demand for life insurance products. The primary driver of this influence is the dissemination of reliable and trustworthy information pertaining to the risk coverages and benefits that are linked to life insurance. This knowledge possesses the capacity to impact consumers and motivate them to actively participate in and acquire these policies. Additionally, the results of this study suggest that both consumer education and formal education play a substantial impact in shaping consumer purchasing behaviour within the insurance industry. Nevertheless, it is crucial to acknowledge that the act of promoting knowledge and understanding regarding life insurance plans in Nigeria would serve to enhance customer engagement and augment the probability of their acquisition of those policies. The study proposes that insurance service providers should employ efficient communication strategies to convey the unique advantages and benefits of their products to prospective consumers. This objective can be accomplished through various methods, including the utilisation of media organisations, interpersonal communication, the implementation of standardised formats, and the delivery of instructional presentations. Insurance service providers should place emphasis on proactive and thorough marketing strategies that effectively position their services as a viable alternative option. These tactics should highlight the benefits of their offerings, which include both profit generation and risk reduction models. Furthermore, these marketing efforts should be designed to cater to persons from diverse racial and religious backgrounds. This phenomena can be ascribed to the notion that fostering a positive mindset and an increased level of consciousness among consumers acts as a driving force when interacting with them.

 

TITLE PAGE      

Certification

Dedication

Acknowledgement

Table of Content

List of Tables

ABSTRACT

CHAPTER ONE: INTRODUCTION

1.1 Background of the study

1.2 Statement of the problem

1.3 Objective of the study

1.4 Research Questions

1.5 Research hypotheses

1.6 Significance of the study

1.7 Scope of the study

1.8 Limitation of the study

1.9 Definition of terms

CHAPTER TWO: REVIEW OF LITERATURE

2.1 Conceptual Framework

2.2 Theoretical Framework

2.3 Review of Empirical studies

CHAPTER THREE: RESEARCH METHODOLOGY

3.1 Introduction

3.2 Research Design

3.3 Population of the study

3.4 Sample size determination

3.5 Sample size selection technique and procedure

3.6  Research Instrument and Administration

3.7 Method of data collection

3.8 Method of data analysis

3.9 Validity of the study

3.10 Reliability of the study

3.11 Ethical consideration

CHAPTER FOUR: DATA PRESENTATION AND ANALYSIS

4.1 Data Presentation

4.2 Answering Research Questions

4.3 Test of Hypotheses

CHAPTER FIVE: SUMMARY, CONCLUSION AND RECOMMENDATION

5.1 Summary

5.2 Conclusion

5.3 Recommendation

References

Appendix