A CRITICAL ASSESSMENT OF MARKETING OF GENERAL INSURANCE PRODUCTS IN GHANA

ABSTRACT

The study sought to critically assess the marketing of general insurance products in Ghana. The population of this study comprised of insurance companies in the Sunyani municipality. From the population of the study, a purposive sampling technique was used to select all the seventy-six (76) staff and management members of the selected insurance firms. The study adopted primary and secondary data. The study used both the descriptive and inferential data analysis for the study. The descriptive analysis made use of simple tables and figures to present findings of respondents and percentages, mean and standard deviation used to discuss results. For the effects of marketing strategy on profitability, regression and correlation analysis were employed. From the field survey, marketing strategies adopted by general insurance firms includes social media marketing, mass media marketing, promotions, public relations – press conferences, newsletters, press release, personal sales etc. The study concludes the marketing strategies adopted by the insurance firms have positive effect on the profitability of the firms. Increase in market share is regarded as having prominence as the resulting effect of an effective marketing strategy employed by the insurance firms. Increase in market share was positively related to financial performance measured by Return on asset, return on equity, return on investment and Total Expense Ratio. The study recommends that insurance firms should allocate sufficient resources to support and augment their marketing strategies and practices. Strategic marketing policies come with associated cost implications and for them to see light, they need adequate funding and resource allocation.


TABLE OF CONTENTS

Page

DECLARATION   ii

ABSTRACT  iii

KEYWORDS  iv

ACKNOWLEDGEMENTS  v

DEDICATION   vi

TABLE OF CONTENTS  vii

LIST OF TABLES  xi

LIST OF FIGURES  xii

LIST OF ACRONYMS  xiii

CHAPTER ONE: INTRODUCTION  

Background to the Study  1

Statement of the Problem   3

Research Objectives  4

Research Questions  5

Significance of the Study  5

Delimitations  6

Limitations  6

Organization of the Study  7

CHAPTER TWO: LITERATURE REVIEW   

Introduction  9

Theoretical Framework  9

Profitability Measures  15

Return on Assets (ROA)15

Return on Investment (ROI)18

The Concept of Financial Marketing  19

Overview of the Insurance Industry in Ghana  23

Marketing Strategy in the Insurance Industry – A Process  24

Challenges Affecting Insurance Agency Marketing of Insurance Services  24

Ineffective Promotion  25

Choice of Marketing Channels  26

Mistrust in Insurance Relationships  28

Distribution Channels  29

Competition  30

Non-availability of Trained Staff  30

Pricing of Insurance Services  32

Cost of Insurance  32

Review of Empirical Studies  33

Conceptual Model for Meta-Analysis  36

CHAPTER THREE: RESEARCH METHODS 

Introduction  38

Research Design  38

Population of the Study  40

Sample Size and Sampling Technique  41

Data Collection  42

Type of Data  42

Source of Data Collection  42

Instrument of Data Collection  43

Instrument Structure to Meet Research Objectives  44

Procedure of Data Collection  45

Method of Data Analysis  45

Results and Analysis  46

Correlation  46

Descriptive statistics  47

Logit Results  47

Ethical Consideration  49

CHAPTER FOUR: RESULTS AND DISCUSSION  

Introduction  51

Response Rate  51

Marketing Techniques Adopted by General Insurance Agencies  51

Effectiveness of the Marketing Strategies Adopted by Insurance Firms  56

Relevance of Marketing Strategies Adopted by the General Insurance Firms  57

The Allocation of Appropriate Resources in Support of Marketing     Strategies Management Policy and Practice by Banks  57

Development of Close Links between Insurance Firms’ Strategic Objectives and Marketing Strategies Adopted by the Firms  58

Existence of Internally Developed Marketing Strategies for Marketing of General Insurance Products  59

Challenges Associated with Marketing Strategies Adopted by General Insurance Firms  60

Effect of Marketing Strategies on the Performance of Insurance Firms  63

Relationship between Marketing Technique and Employee Effectiveness within the Insurance Sector in the Sunyani Municipality  64

Dependent Variables: Marketing Strategies  65

Relationship between Market Share of General Insurance Firms and their Performance  67

Discussions of Findings  70

CHAPTER FIVE: SUMMARY, CONCLUSIONS AND   74

RECOMMENDATIONS  74

Introduction  74

Summary of the Study  74

Conclusions  75

Recommendations  76

Suggestions for Further Studies  78

REFERENCES  79

APPENDIX A   89

APPENDIX B   91

APPENDIX C 

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APA

Project, S. (2021). A CRITICAL ASSESSMENT OF MARKETING OF GENERAL INSURANCE PRODUCTS IN GHANA. Afribary. Retrieved from https://track.afribary.com/works/a-critical-assessment-of-marketing-of-general-insurance-products-in-ghana

MLA 8th

Project, Scopus "A CRITICAL ASSESSMENT OF MARKETING OF GENERAL INSURANCE PRODUCTS IN GHANA" Afribary. Afribary, 06 May. 2021, https://track.afribary.com/works/a-critical-assessment-of-marketing-of-general-insurance-products-in-ghana. Accessed 25 Dec. 2024.

MLA7

Project, Scopus . "A CRITICAL ASSESSMENT OF MARKETING OF GENERAL INSURANCE PRODUCTS IN GHANA". Afribary, Afribary, 06 May. 2021. Web. 25 Dec. 2024. < https://track.afribary.com/works/a-critical-assessment-of-marketing-of-general-insurance-products-in-ghana >.

Chicago

Project, Scopus . "A CRITICAL ASSESSMENT OF MARKETING OF GENERAL INSURANCE PRODUCTS IN GHANA" Afribary (2021). Accessed December 25, 2024. https://track.afribary.com/works/a-critical-assessment-of-marketing-of-general-insurance-products-in-ghana