THE EFFECT OF E-MARKETING TOWARDS THE PROFITABILITY OF INSURANCE INDUSTRY IN NIGERIA

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THE EFFECT OF E-MARKETING TOWARDS THE PROFITABILITY OF INSURANCE INDUSTRY IN NIGERIA

CHAPTER ONE

INTRODUCTION

1.1 Background of the study

From time immemorial, information and communication are vital and essential in all sphere of life. The development of science and technology has greatly enhanced every aspect of human endeavour. Hence, the global business environment has been revolutionalised by creativity, innovation and technological advancement thereby increasing customers’ awareness and availability of wider range of sophisticated products/services. New technologies have significantly impacted business organisations to overcome barriers – cost, time and distance – to global operations. Business organisations, insurance companies inclusive, operate in a complex, dynamic and competitive environment. Broadly, information and communication technology (ICT) involves the use of electronic devices for storing, processing, analysing and distributing data.

The rapid expansion and increasing use of ICT has immensely promotes scientific approach to information handing and processing. Moreover, ICT enhances management functions of planning, organising and the nature of services offered in the insurance industry. It has greatly improved insurance operations globally in view of the available innovation devices to enhance the speed and quality of service delivery. Consequently, ICT enhances process and procurement required to attain organisational and industrial goals.

1.2 Statement of the problem

Despite the benefits of ICT, many business enterprises have not adopted and integrated ICT into their operations. There is dearth of study on the roles of ICT in business enterprises in Nigeria. Moreover, the few available studies on ICT in Nigeria focused mainly on the banking sector (Osabuohien, 2008; Dauda and Akingbade, 2011; Emmanuel, 2011; Obasan, 2011); and on small medium scale industries (Adewoye and Akanbi, 2012). There is no literature on roles and adoption of ICT in insurance companies in Nigeria. The study, therefore, fills this gap and contributes to knowledge on the impact of ICT adoption on insurance companies’ profitability in Nigeria. Consequently, the study is imperative in view of the need for insurance companies’ in Nigeria to develop and maintain a high level of ICT usage in order to meet the nation’s insurance needs, to enhance their profitability and to contribute positively to the economy.

1.3 Significance of the study

The use of ICT in the insurance industry is relevant and beneficial considering the significant role of insurance in the economy. Amongst other, insurance promotes business activity by providing financial intermediary services necessary to induce economy growth (Ward and Zurbruegg, 2000; Liedtke, 2007). The insurance industry consolidation, particularly the recapitalisation, seeks to ensure that the industry contribute positively to the economy (Obaremi, 2007). ICT usage has considerately improved operations and performance of businesses in Nigeria (Osabuohien, 2008; Obasan, 2011). It is, therefore, expected that the impact of the consolidation will enhance the use of ICT by stimulating some form of competitive advantage, accuracy and efficient transactions to improve the quality of service delivery in the Nigerian insurance industry.

1.4 Objectives of the study

The study examines the impact of ICT adoption on insurance companies’ profitability in Nigeria.

Specifically, the objective of the study, include:

a) To identify roles and benefits of ICT;

b) To explore the impact of ICT adoption on insurance company profitability;

c) To preview development of insurance in Nigeria; and

d) To highlight the place of ICT in promoting efficient and efficient service delivery in the insurance industry in Nigeria.

1.5 Research Hypothesis

H0: There is a weak relationship between e-marketing and the profitability of insurance industry in Nigeria

H1: H0: There is a strong relationship between e-marketing and the profitability of insurance industry in Nigeria

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