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THE PROBLEMS ENCOUNTERED BY INTERMEDIARIES IN THE NIGERIA INSURANCE INDUSTRY AND THE FUTURE PROSPECTS

ABSTRACT :This project is divided into different stages for ease of references and simplification on analysis which goes as follows:

The introduction of the problems encountered by intermediaries in the Nigeria insurance industry and the future prospects, the background of the study which states the problems the needs for intermediaries in insurance market in Nigeria is an issue which its important cannot be over emphasized. Research has shown that, the problem encountered by intermediaries has an impact on the growth of insurance level in our society, there is a wide spread of lack of what benefit it is to the society. This makes insurance non-popular profession that one must study, but since it has failed in this area, the common man find it difficult to know what insurance is all about. In order for the industry to stop encountering this problem from intermediaries, the body called the insurance commission now brought about this solution and future prospects to improve and uplift the industry to have an outstanding and stronger insurance in Nigeria. conclusion based on the findings, the researcher also concluded that brokers and agents in  Nigeria insurance industry helps to provide adverts and encourage the products to the customers. The recommendation on its bases of the research he makes the following recommendation which he has sincerely believe will help solve the problems of brokers and agents in Nigeria insurance industries.

 

TABLE OF CONTENTS

 

 

CHAPTER ONE

1. INTRODUCTION                                               1

1.1  Background of Study                                        1

1. Statement of Problem                                      4
2. Objective of Study                                           6
3. Research Questions                                          7
4. Significance of the Study                                         8
5. Scope and Limitation of Study                           8
6. Definition of Terms                                          10

CHAPTER TWO

1. REVIEW OF THE RELATED LITERATURE               12  

2.1  Definition of Intermediaries                               12

2.1.1 Insurance Broker                                            12

2.1.2 Insurance Agent                                             13

1. The Effect of People’s Ignorance to the

 Intermediaries and Insurance Industry               13

1. The Effect of Political Instability to

 Insurance Industry                                          14

1. The Effect of Insurance Company at Unsuitable

 Area to Intermediaries                                     15

1. The Effect of Poor Image of Intermediaries                16
2. Task of Intermediaries                                     17
3. Governments as Another Problem Encountered

by Intermediaries                                            23

1. Poor Leadership as Problem Encountered

by Intermediaries                                            23

1. Emergence of Other Intermediaries and

Insurance Companies as a Problem Encountered

by Intermediaries                                            26

1. Negative Image of the Insurance Companies       29
2. Problem of Claim Settlement                            31
3. Challenges Facing Intermediaries

and the Companies                                                36

 

CHAPTER THREE

1. Research Methodology                                      39  

3.1  Research Design                                              39

1. Sources of Data                                               39
2. Method of Data Collection                                 40
3. Population of the Study                                    41
4. Sample Size                                                    42
5. Validity and Reliability of Instrument                  44

 

 

 

 

 

 

 

 

 

CHAPTER FOUR

4.1  Summary of Findings and Discussion                  45

 

CHAPTER FIVE

1. Conclusion and Recommendation                       48

5.1  conclusion                                                      48

1. Recommendation                                             50

 

Bibliography                                                    54

Appendix                                                        55

Questionnaire                                                  56

 

 

 

CHAPTER ONE

 

1.0  INTRODUCTION

1.1  BACKGROUND OF THE STUDY

The need for intermediaries in insurance market in Nigeria is an issue which its important cannot be over emphasized.

Research has shown that the problems encountered by the intermediaries has an impact on the growth of insurance level in our society, there is a wide spread of lack of what benefit it is to the society. Research has shown that there is a significant relationship between the extent to which one understands and the importance one attaches to insurance. The more clear and understanding things are find in insurance to be and the more likely it is that the insurance intermediaries will be know the importance of insurance before the facilitators can be recognized. This shows that low level of literacy constitutes to the problems encountered by the insurance intermediaries. Because the intermediaries work for the insurance company, any problem that affects the company affects them.

The experience of some people who had be dealings with insurance over the years ha snot be very cordial such unfavourable relationship had been publicize over the years that it has created a poor perception of insurance intermediaries and the insurance companies to the general public. Insurance have not help issues by their reticent in publishing their activities. One has to be aware of insurance before one makes a conscious effort to understand what it is all about.  The insurance industry has the duty to create awareness of the existences of their intermediaries and their industry in the minds of the public.

Individual insurance companies have the responsibility of letting the public know that its intermediaries exist and what functions they perform. Literature such as one of the roles of insurance companies and intermediaries to individuals and the society in general should be widely circulated.

Handling of insurance claim is another area were insurance intermediaries encounter problem. This is obvious because when an insurance company could not settle her claim with the insured (policyholder) the impact fall on the intermediaries that facilitate contractual relationship between the insured and the insurance company. This makes the general public to call both the intermediaries and insurance companies fraudsters. A good insurance transaction lies essentially on the ease with which are insurer claim cheque is received. Claims handling is one area were an effective communication is necessary, as well as reaching