THE ROLE OF INSURANCE MIDDLEMAN IN THE GROWTH AND DEVELOPMENT OF INSURANCE BUSINESS

THE ROLE OF INSURANCE MIDDLEMAN IN THE GROWTH AND DEVELOPMENT OF INSURANCE BUSINESS

ABSTRACT

This research work, the researcher examined the role of insurance middlemen in the growth and development of insurance business. The information for the study was collected using primary and secondary methods of data collection. For a primary data collection, while existing literature relevant to the topic was consulted for the secondary data. The research used chi-square statistical model to analyze the data. The researcher found out that Insurance middleman has significant impact in the development of Nigerian insurance industry. Insurance middleman/intermediaries has so many roles to play in Nigerian insurance business. There is significant relationship between insurance middleman/intermediaries and the development of Nigerian economy. Based on the findings the researcher recommends that There should be periodically arranged programmes which will aim at keeping the insurance intermediaries abreast of the development with the industry. Emphasis should be laid on good public relations and most importantly, insurance intermediaries should stick to the principle of utmost good faith" so as to discharge their duties to the public with honesty and integrity thereby improving the bad image of insurance companies and result in more revenue. The intermediaries should try to maintain after sales services. They should know whether their clients are having any problems with their policies or insurance company. They should always be in touch with their policyholders.