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
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
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 23 Nov. 2024.
Project, Scopus . "A CRITICAL ASSESSMENT OF MARKETING OF GENERAL INSURANCE PRODUCTS IN GHANA". Afribary, Afribary, 06 May. 2021. Web. 23 Nov. 2024. < https://track.afribary.com/works/a-critical-assessment-of-marketing-of-general-insurance-products-in-ghana >.
Project, Scopus . "A CRITICAL ASSESSMENT OF MARKETING OF GENERAL INSURANCE PRODUCTS IN GHANA" Afribary (2021). Accessed November 23, 2024. https://track.afribary.com/works/a-critical-assessment-of-marketing-of-general-insurance-products-in-ghana