ESTABLISHMENT OF INSURANCE AGENCY IN INSTITUTE OF MANAGEMENT AND TECHNOLOGY (I.M.T) PROBLEMS AND PROSPECTS

ESTABLISHMENT OF INSURANCE AGENCY IN INSTITUTE OF MANAGEMENT AND TECHNOLOGY (I.M.T) PROBLEMS AND PROSPECTS

ABSTRACT:

This project is a  pure study on the appreciation of insurance discipline in our institution. The idea of this study is to ascertain the potential insurance buyer in the institute of management and technology, Enugu and also if the staff will purchase insurance from insurance Agency if established in the institute.

Moreover to carry out this investigation, the following objectives were formulated.

1. To ascertain the potential insurance buyers in the institute of management and Technology (IMT). Enugu.

2. To advice the institute on the importance of agency of office if it is established in I.M.T.

3. To enhance the insurance services for the buyers and reduce bottleneck encountered with outside Agents and brokers.

4. To reduce cost of insurance for the institute.

In order to achieve these aims, questionnaire, and oral interview were used and critically analyzed in chapter four.

Recommendation were therefore drawn from the analysis in chapter 5.3.

TABLE OF CONTENT

CHAPTER ONE

1.0 Introduction                                                  1

1.1 Background of study                                     3

1.2 Statement of problems                                   4

1.3 Objective of study                                                 5

1.4 Significance of study                                      5

1.5 Research question                                                 6

1.6 Scope and limitation of study                          7

1.7 Definition of terms                                                 13

CHAPTER TWO

Review of related literature                                  15

References                                                        31

CHAPTER THREE

Research methodology                                                33

3.1 Study area and population                             33

3.2 Sample size                                                  34

3.3 Development of research instrument               34

CHAPTER FOUR

Presentation and analysis of data                                 36

CHAPTER FIVE

5.1 Summary of findings                                     53

5.2 Conclusion                                                    54

5.3 Recommendation                                          55

Bibliography                                                  57

Journals                                                        58

Questionnaires                                              60

CHAPTER ONE

1.0 INTRODUCTION

Hardly have most people in Nigeria today actually understood the real place of marketing in the insurance industry. Often and again,  people misunderstood the function and role of brokers and agents in the insurance industry.

Before the subject matter at this project is tackled, it is necessary that a brief definition be given. Marketing could be defined as a function in business which aids selling, plus marketing research promotion, distribution, service product scheduling e.t.c.

In view of the fact that marketing is the brining out of what the customer needs, in actual fact and in most cases the client does not know or unaware of what he really needs whereby the remaining job is left for the agents and brokers to convince the propose about the product.

The main purpose of establishing insurance agency in a place is to create insurance awareness to the people at that particular area or environment. This bridges the gap between the people and the policy holders which will indemnify them against certain risks. To put up an insurance agency in an institution will also enable the community within the institution understand and learn of certain risks which they do not know. The establishment of insurance agency in IMT littler to becomes necessary considering the role at the institute in the training of manpower for insurance industry.

ESTABLISHMENT OF INSURANCE AGENCY IN INSTITUTE OF MANAGEMENT AND TECHNOLOGY (I.M.T) PROBLEMS AND PROSPECTS