ABSTRACTThe 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 …
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ABSTRACTThe 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. DECLARATIONABSTRACTKEYWORDSACKNOWLEDGEMENTSDEDICATIONTABLE OF CONTENTSLIST OF TABLESLIST OF FIGURESLIST OF ACRONYMSCHAPTER ONE: INTRODUCTIONBackground to the StudyStatement of the ProblemResearch ObjectivesResearch QuestionsSignificance of the StudyDelimitationsLimitationsOrganization of the StudyCHAPTER TWO: LITERATURE REVIEWIntroductionTheoretical FrameworkProfitability MeasuresReturn on Assets (ROA)Return on Investment (ROI)The Concept of Financial MarketingOverview of the Insurance Industry in GhanaMarketing Strategy in the Insurance Industry – A ProcessChallenges Affecting Insurance Agency Marketing of Insurance ServicesIneffective PromotionChoice of Marketing ChannelsMistrust in Insurance RelationshipsDistribution ChannelsCompetitionNon-availability of Trained StaffPricing of Insurance ServicesCost of InsuranceReview of Empirical StudiesConceptual Model for Meta-AnalysisCHAPTER THREE: RESEARCH METHODSIntroductionResearch DesignPopulation of the StudySample Size and Sampling TechniqueData CollectionType of DataSource of Data CollectionInstrument of Data CollectionInstrument Structure to Meet Research ObjectivesProcedure of Data CollectionMethod of Data AnalysisResults and AnalysisCorrelationDescriptive statisticsLogit ResultsEthical ConsiderationCHAPTER FOUR: RESULTS AND DISCUSSIONIntroductionResponse RateMarketing Techniques Adopted by General Insurance AgenciesEffectiveness of the Marketing Strategies Adopted by Insurance FirmsRelevance of Marketing Strategies Adopted by the General Insurance FirmsThe Allocation of Appropriate Resources in Support of Marketing Strategies Management Policy and Practice by BanksDevelopment of Close Links between Insurance Firms’ Strategic Objectives and Marketing Strategies Adopted by the FirmsExistence of Internally Developed Marketing Strategies for Marketing of General Insurance ProductsChallenges Associated with Marketing Strategies Adopted by General Insurance FirmsEffect of Marketing Strategies on the Performance of Insurance FirmsRelationship between Marketing Technique and Employee Effectiveness within the Insurance Sector in the Sunyani MunicipalityDependent Variables: Marketing StrategiesRelationship between Market Share of General Insurance Firms and their PerformanceDiscussions of FindingsCHAPTER FIVE: SUMMARY, CONCLUSIONS ANDRECOMMENDATIONSIntroductionSummary of the StudyConclusionsRecommendationsSuggestions for Further StudiesREFERENCESAPPENDIX AAPPENDIX BAPPENDIX C
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