*Okafor, C. B.1 and Nwankwo, O. D.2
1&2Department of Psychology Chukwuemeka Odumegwu Ojukwu University, Igbariam Campus, Anambra Nigeria.
*Corresponding email: okaforchibuzor244@gmail.com; Article DOI: https://doi.org/10.5281/zenodo.17202920
ABSTRACT
The study examined relationship between insurance opportunities and attitude towards insurance. Ninety-four (94) workers drawn from Nigeria Social Insurance Trust Fund in Onitsha served as participant for the study. They comprised 39(41.5%) males, and 55(58.5%) females. Their age ranged from 32 to 76 years. The mean age was 53.53 and the standard deviation was 13.21 Purposive sampling technique was used in sampling the office. Incident sampling technique was used to sample the participants for the study. Two instruments were used in the study: Attitude towards Insurance Scale and Perception of insurance opportunities Scale. The study used a cross sectional design and Pearson Product Moment Statistics. The study results showed that attitude towards insurance positively and significantly had relationship with loyalty dimension of perception of insurance opportunity in Anambra State, Nigeria at r =0.22, p<.01,N=94. The result also showed that attitude to insurance negatively and significantly had relationship with transparency dimension of perception of insurance opportunity in Anambra State, Nigeria at r = -0.60, p<.01,N=94. More so, the result indicated that attitude towards insurance negatively and significantly had relationship with proficiency dimension of perception of insurance opportunity in Anambra State, Nigeria at r = -0.74, p<.01,N=94 Conversely, attitude to insurance had no significant relationship with reliable, dimension of perception of insurance opportunity in Anambra State, Nigeria at r = -0.05, p>.01,N=94. However, attitude to insurance had negative and significant relationship with convenient services, dimension of perception of insurance opportunity in Anambra State, Nigeria at r = -0.44, p<.01,N=94. Based on the findings, the study recommends that insurance organisation should provide adequate information that will promote transparency, proficiency, reliability, and convenient services these will increase positive attitudes to access insurance opportunities.
Keywords: Insurance Opportunity, Trust Fund, Social Insurance, Perception, Relationship
INTRODUCTION
The insurance industry in Nigeria is a vast industry that gives great security to the treasure of people and entities. It is one of the pillars of Nigerian financial industry. Nigeria is gearing itself gradually towards economic sustainability and a growing insurance industry aids growth and development in the economy (Nwafor, 2017). Based on the fact that insurance opportunity is important given the ongoing efforts to increase insurance penetration and the relatively limited success in achieving this (Jarzabkowski et al 2019; Surminski et. al. 2019). However, lack of insurance opportunity as a coping mechanism in developing countries like Nigeria has attracted considerable policy and research attention in the past decade, especially with the emergence of micro-level products, innovative forms of index insurance and sovereign risk schemes. Since, insurance opportunity can offer more reliable and effective protection than post-disaster aid, and help to increase risk planning and risk understanding (Clarke & Dercon 2016; Hallegatte et al., 2017; Surminski, 2016).
Insurance is regarded as a legal contract in which risk is transferred from the policyholder to the insurance provider. Insurance products or services are activities or benefits offered by one party to the other and such products and services are essentially intangible hence do not consequently result in the ownership of a physical asset. Insurance services are unlike other services, as it is a multi-layered and potential reliant service which involves extensive legal characteristics (Marano, 2019, Onyemaechi,2025). Similarly, insurance opportunity is a chance to take advantage of insurance packages and benefits. The packages include auto insurance, gap insurance, health insurance, property insurance, life insurance, and so on. More so, an opportunity is what makes insurance companies succeed. For instance, insurance companies are successful because they create opportunities that attract insurers and make them to capitalise on that opportunities. Hence, perceived insurance opportunities are likely to increase relevance of insurance companies with a strong potential to affect all business units and risk types. Due to the high uncertainty in people’s life in regard to the future extent and time horizon of sustainability risks, also given the interaction effects between physical consequences and transition risks (BaFin, 2020, Achebe & Onyemaechi 2023).
Consequently, Dadzie (2017) posits that it is of paramount importance to appreciate how clients think, feel and purchase a product, brands among others over some and how they are influenced by cultural, social, personal, psychological and people’s care services and salespersons. The competitive nature of the life assurance industry in Nigeria and the ease at which life assurance policies are cut-and-pasted gives the insurers a lot of option to select from. The challenge this presents is the conflict among assurers to amass people share and the need for reliable people’s base through efficient people’s care, which is a very essential for service providing entities to be successful (Sweeney & Swait, 2008,Okonkwo et.al,2023,Ejidike, et.al 2023).
Statement of the Problem
Insurance companies protects against something going wrong — such as a car accident, fire, theft, or death. But there are lots of bottlenecks responsible for the poor performance and growth of insurance business in Nigeria. According to experts, the biggest challenges facing Insurance companies in Nigeria majorly stem from perception issues. From being perceived as not transparent and cumbersome due to many paperwork signing. This could be that many Nigerians do not seem to fully understand how insurance works yet and as such do not consider it a priority. Probably, that is why Emilefo (2003) cited by Olaleye and Adegoke (2009) stated that reasons for lack of insurance culture in Nigeria can be tied to high level of illiteracy, ignorance, poverty, religious, social cultural belief and the image of the insurance business itself.
Consequently, the attitude of Nigerians towards insurance service is nothing to write home about when compared to other financial service providers like banks. Although, the negative attitude of Nigerians might not be unconnected to the poor attitude of the insurers as regards non-payment of claims. Some insurance companies are very notorious of defaulting in payment of claims which has adversely affected the publicity for the industry and the confidence in the industry by the prospective insurance buyers because of low awareness of majority about insurance and the little percentage of people that is aware of insurance services are not confident in the insurance companies and this may have affected Nigerians chances of maximizing insurance opportunities. Hence, addressing these challenges holding Nigerians not to be aware of insurance products with existing services and opportunities becomes important. By examining and addressing Nigerians attitude to insurance and its relatedness to perception of insurance opportunities. Since, there are gaps in literatures in addressing and providing solution to the problems detailed above to the researcher’s best of knowledge.
Attitude towards Insurance
Jung (2015) expresses several attitudes within the broad definition readiness of the psyche to act or react in a certain way. He argues that attitudes very often come in pairs, one conscious and the other unconscious. Similarly, Ajzen and Fishbein (2017) states that attitudes are held with respect to some aspect of the individual’s world, such as another person, a physical object, a behavior, or a policy. Therefore, the way a person reacts to his surroundings is called his attitude. Baron and Byrne (2011) define attitudes as relatively lasting clusters of feelings, beliefs, and behavior tendencies directed towards specific persons, ideas, objects or groups.
An attitude is not passive, but rather it exerts a dynamic influence on behavior. Allport (2010) expresses that an attitude is a mental or neural state of readiness, organized through experience, exerting a directive or dynamic influence on the individual’s response to all objects and situations to which it is related. It is a tendency to respond to some object or situation. According to Malhotr (2005) an attitude is a summary evaluation of an object or thought. Attitude is the affect for or against a psychological object (Thurstone 1931). The object or phenomenon can be anything a person discriminates or holds in mind and may include people, products, and organizations (Bohner, & Wanke 2002)
Components of Attitude
ABC model is one of the most cited (Eagly & Chaiken 1998; Van den Berg, H. et al., 2006) models of attitude. ABC model suggests that attitude has three elements i.e. Affect, Behavior and Cognition. Affect denotes the individual’s feelings about an attitude object. Behavior denotes the individual’s intention towards to an attitude object. Cognitive denotes the beliefs an individual has about an attitude object
Affective Component: The affective component is the emotional response (liking/disliking) towards an attitude object. Most of the research place emphasis on the importance of affective components. An individual’s attitude towards an object cannot be determined by simply identifying its beliefs about it because emotion works simultaneously with the cognitive process about an attitude object. Agarwal and Malhotra, (2005) express that the affect (feelings and emotions) and attitude (evaluative judgment based on brand beliefs) streams of research are combined to propose an integrated model of attitude and choice.
Behavioral Component: The behavioral component is a verbal or overt (nonverbal) (Wicker 1969) behavioral tendency by an individual and it consists of actions or observable responses that are the result of an attitude object. It involves person’s response (favorable/unfavorable) to do something regarding attitude object. Attitudinal responses are more or less consistent. That
is, a series of responses toward a given attitudinal stimulus is likely to show some degree of organizational structure, or predictability (Defleur & Westie 1963).
Cognitive Component: The cognitive component is an evaluation of the entity that constitutes an individual’s opinion (belief/disbelief) about the object. Cognitive refers to the thoughts and beliefs an individual has about an attitude object. Fishbein and Ajzen (1975) express theta belief is information a person has about an object; information that specifically links an object and attribute. The cognitive component is the storage section where an individual organizes the information.
Watson, pioneer of behaviourism, demonstrated that how a negative response (fear) could be acquired through classical conditioning. Watson and Rayner (1920) conditioned an 11month old boy, ‘Little Albert’, to develop a fear response to a white rat. Initially, the boy did not show any fear of the rat. In the process of conditioning, as the boy approached the rat, the researchers made a loud (unpleasant and aversive) sound just behind the boy’s head. After repeated pairings of the loud sound and the presence of the rat, Little Albert acquired a conditioned response and learned to display negative emotion (fear) to the rat alone. Not only such negative emotions, but positive emotions and likings can also be developed through this process. Advertisers repeatedly present their brands associated with those celebrities who are thought to induce positive emotion among the target audience. Assumptions of classical conditioning suggest that this leads to liking of that brand which was initially neutral and was consistently paired with a positive stimulus. Many researchers have further demonstrated that attitudes can be formed through the mechanism of classical conditioning, even by the exposure to the stimuli that are below the threshold of individual’s conscious awareness, known as subliminal conditioning (Krosnick, Betz, Jussim,
& Lynn, 1992).
Thoughts of Insurance
Mehr and Cammack (2014) agrees that Insurance is usually thought of as a product that spreads the risk of serious, but low-probability, losses among a group of individuals, thus providing some financial protection to each individual. Kunreuther (2016) said that his product makes good sense, particularly when the protection is purchased against potential losses so large as to be catastrophic, such as total destruction of one’s home, a large accident liability judgment, or death of primary family breadwinner. However, it has long been recognized that this sensible product is difficult to sell. Kotler (2018) considers insurance to be in the category of “unsought goods,” along with products such as preventive dental services and burial plots. He notes that unsought goods pose special challenges to the marketer.
Slovic (2013) found that subjects were more likely to buy insurance against small, high-probability losses than insurance against large, low probability losses. Kunreuther (1979) “It is not the magnitude of a potential loss that inspires people to buy insurance voluntarily; it is the frequency with which a loss is likely to occur”. Kahneman and Tversky (1979) reported a risk-averse individual, therefore, should avoid nearly all types of risk. Empirical evidence, however, suggests most people are risk averse for gains and risk seeking for losses. Kahneman and Tversky (1984) stated indeed, repeated demonstrations have shown most people lack an adequate understanding of probability and risk concepts Dhar (1997), Greenleaf and Lehmann (1995); and Tversky and Shafir (1992) have shown that offering more options can generate decision conflict and preference uncertainty, leading to decision deferral.
Types of Life Insurance Policy
From a traditional or historical perspective, life insurance can be classified in to three categories: term life insurance, whole life, and endowment life insurance policy. However, today numerous variations and combinations of these basic types of life insurance are available.
Term Life Insurance: According to Dorfman (2005, p. 256) when a life insurer sells a term life insurance policy, it promises to pay the beneficiary if the insured dies within a specified period. If the insured outlives the period, the insurer makes no payment. Thus, Term life insurance has several basic characteristics. First, it provides protection for a temporary period, such as one, five, and ten or twenty years unless the policy is renewed, the protection expires at the end of the period. Most term insurance policies are renewable, which means the policy can be renewed for additional periods without evidence of insurability. The premium is increased at each renewal and is based on the insured’s attained age. The purpose of the renewal provision is to protect the insurability of the insured. However, this results in adverse selection against the insurer. Since premiums increase with age, insureds with a good health tend to drop their insurance, while those with in poor health will continue to renew, regardless of the premium increase.
Challenges of Insurance Opportunity
Various challenges of insurance opportunities are discussed as below:
Professional Sales Staff Training: Nowadays, customers expect insurance sales people to have deep product knowledge, to ideas to improve the customers operations, and to be efficient and reliable. These demands have required companies to make a much higher investment in sales force training. They have to be trained on sales techniques and in the company’s products, policies, and customer satisfaction (Ogutu, 2004). Kotler (2003) stated that, “customers are value – maximizes.” They form an expectation of value and act on it. Buyers will buy life insurance from a firm that they perceive to offer the highest customer – delivered value, which is the difference between total customer value and total customer cost. A buyer’s satisfaction is a function of the insurance product’s perceived value and the buyer’s expectations. Customer satisfaction should be a goal and a marketing tool. Makau(2013) noted that the insurance company’s marketing staff especially the sales representatives need to be motivated always. To them, selling is the most fascinating job in the world; they are ambitious and self – starters. However, the majority requires encouragement and special incentives. These may include a bonus, cash rewards, and other allowances.
According to Maigo (2000), life insurance companies should know about the prices they are selling their products and should also understand their customers‟ needs. Etemesi (2004) cited lack of professionalism as a source of customer dissatisfaction in the insurance industry. Lack of technical and experienced staff can lead to improper interpretation of the policy provisions and consequently payment of a claim that was not otherwise payable under the policy. Munguti (2006) noted that the widespread customer dissatisfaction in the insurance industry has been of great concern to various stakeholders in the industry. This is due to various impediments to efficient provision of services to customers. In his book, Dorfman (2004) noted that there have been significant changes in the marketing of all types of insurance in the preceding decades. The marketing of life insurance has been an area of obvious change. During the early part of the twentieth century, it was common for life insurance agents.
Sales Promotion of Life Insurance Products: According to Makau (2013), promotion includes all activities the company undertakes to communicate and promote its products and services to the target market. Promotion represents the fourth element in the marketing mix commonly referred to as the 4P‟s of marketing. The promotion element comprises of a mix of tools available for the marketer called the promotional mix. Life insurance companies employ these tools so as to reach their customers and persuade them to purchase their products. Kotler (2003) noted that companies often need to restructure their business and marketing practices in response to significant changes in the business environment, such as globalization, deregulation, computer and telecommunications advancements, and market fragmentations. The main responses of business firms to a rapidly changing environment include empowering personnel to produce more ideas and take more initiative. This should be the case with marketing and selling of life insurance products. Packaging insurance products with multiple benefits will go a long way in growing their uptake.
Affordability of Life Insurance Products: According to Kotler (2003), pricing is the amount of money charged for a product or service, or the sum of the values that consumers exchange for the benefits of having or using the product or service. An increasing number of companies are basing their prices on the product’s perceived value. Price is considered along with other marketing mix variables before the marketing program is set.
Government Regulations: Life insurance products selling are highly affected by developments in the political and legal environment. These factors include laws, government agencies and pressure groups that influence and limit various organizations and individuals (Kotler, 2003). Marketers of life insurance products need to understand their customers‟ purchasing power. The available purchasing power in an economy depends on current income, prices, savings, debt and credit availability (Muchire, 2003). Marketers must pay close attention to major trends in income and consumer spending patterns (Kotler, 2003).
Factors Affecting the Opportunity of Insurance
The variation of profits between insurance companies over the years, within a country, leads to believe that internal factors or specific factors of a firm play a major role in determining opportunity. Most of these researchers, as for life insurance companies, as well as for non-life insurance company, focus on internal factors, where most used factors are the company age, company size, liabilities ratio, the volume of capital, fixed assets and liquidity ratio.
The Company Size: The company size can be expressed by many variables such as number of employees, number of branches, or total assets. Most researchers of the field use total assets to express the size of the company (Omondi & Muturi, 2013); (Burca & Batrinca, 2014); (Al-Shami, 2013); (Swiss Re, 2008); (Çekrezi, 2015); (Malik, 2011). The size of the company is considered as an influential factor because it shows that larger companies are better positioned in the market, operate with economies of scale, and thus enjoy higher benefits (Flamini, McDonald, & Schumacher, 2015). Most studies conclude that there is a statistically significant positive correlation between the size of the company and its opportunity (Al-Shami, 2013; Malik, 2011; Swiss Re, 2008). However, there are discussions about the optimal size of the company, which positively affects profitability. A growth in assets that extends an optimal ratio may have negative effects, due to increased bureaucracy (Yuqi, 2007).
Liquidity: Liquidity for insurance companies shows the ability of insurers to pay current liabilities, which have the nature of operating expenses or payment of compensation in case of damage. For the insurer primary sources of liquidity are cash flow from net premiums, investment returns and liquidation of assets (Chen & Wong, 2004). Most studies in this field treat liquidity as a factor affecting opportunity in insurance, representing it by the current ratio (current assets / current liabilities). Regarding the relationship between liquidity and profitability of insurance companies, the results of different studies have been different. Some studies have concluded that there is a statistically insignificant link between liquidity and opportunity for insurance companies, while other studies suggest that there are statistically significant negative links between liquidity and opportunity of the insurer (Chen & Wong, 2004; Naveed, Zulfqar, & Ahmad, 2011, Onyemaechi,et.al, 2017).
Liabilities: Total liabilities are the sum of borrowed funds, used to finance the operation of a company. Researchers use ratio of liabilities to equity, to express this factor in analyzing the impact of liabilities on the opportunity in insurance companies. Taking into account the effect of financial leverage, i.e. the use of debt to increase benefits, we must assume a positive relationship between liabilities and opportunity for companies driven to the use of liabilities due to tax incentives. Theories of optimal capital structures indicate that opportunity increases as the level of debts increase to the optimal ratio and then falls if the debts continue to grow beyond this point. Increasing debts beyond a certain point, increase company risks and depreciate company value (Chen & Wong, 2004). However, there is a statistically significant negative relation between liabilities and opportunity of insurance companies (Burca & Batrinca, 2014; Chen & Wong, 2004; Malik, 2011; Omondi & Muturi, 2013). Titman and Wessels (1988) concluded that there was a statistically significant negative relation between the opportunity of insurance companies in the US and the level of liabilities. The capital of a company is expressed by the basic accounting equation as the difference between total assets with total liabilities. In studies related to factors affecting the opportunity in insurance companies, the size of capital as a factor is represented by the ratio of shareholder equity to total assets, but this factor can be expressed by the carrying amount of capital insurance companies. These studies have shown that there is a statistically significant positive relation between the volume of capital insurance companies with their opportunity (Al-Shami, 2013; Malik, 2011).
Fixed Assets: Fixed assets are represented by the ratio between fixed assets to total assets. Results of various studies on the impact of fixed assets in the opportunity of insurance companies have been contradictory. Hifza Malik (2011) in his study of the factors affecting the profitability of insurance companies in Pakistan in 2011 shows that there is a statistically significant relationship between fixed assets and opportunity of companies. He argues that due to the fact that the greater the weight of fixed assets in total assets, the greater is the insurance company, opportunity will be even greater. However, a study conducted in the UK by Yuqi Li (2007) shows that there is no statistically significant relationship between fixed assets and opportunity of insurance companies.
The Growth Rate of the Company: The growth rates for companies are generally expressed through the change in percentage of total assets of the company from year to year. In particular, for insurance companies growth rate expresses the percentage change in the total amounts of signed premiums from insurance companies. Studies related to these field show that there is a statistically significant positive correlation between the growth rate of the company and its opportunity (Malik, 2011); (Yuqi, 2007); (Curak, Pepur, & Poposki, 2011). It is also argued about the fact that a company always has to increase its resources to have a better performance, and consequently to be more profitable. However, the relationship between the growth rate of the company and its opportunity may not be positive, as it is expected to be, because in some cases, a greater growth rate could expose an insurance company to a higher risk and that means that the company needs to increase its technical reserves (Burca & Batrinca, 2014)
Social exchange theory by Blau (1964) served as theory guiding the study and it involves economic relationships the cost-benefit analysis occurs when each party has goods that the other parties value. Social exchange theory suggests that these calculations occur in romantic relationships, friendships, professional relationships, and ephemeral relationships as simple as exchanging words with a customer at the cash register. The theory says that if the costs of the relationship are higher than the rewards, such as if a lot of effort or money were put into a relationship and not reciprocated, then the relationship may be terminated or abandoned. According to this theory, people weigh the potential benefits (opportunity) and risks of their social relationships (attitude). When the attitude outweighs the opportunity, they will terminate or abandon the relationship. Consequently, the theory assumes that individuals and groups choose strategies based on perceived rewards (opportunity) and costs, where they factor in the consequences of their behaviour before acting in order to keep their costs low and rewards high. Specifically, this supports Blau’s belief that individuals exert power over others in organizations partly through mechanisms of reward and partly through sanctions. In particular, the promise of reward pushes individuals toward a promotion-focused self-regulatory mindset, whereas the threat of punishment pushes individuals toward a prevention focused orientation (Stanton & Stam, 2003).
Conceptually, the study detailed the definitions of key study variables (attitude towards insurance and perception of insurance opportunity), the dimensions, and benefits and so on. Based on the literatures conceptualized the study reviewed the following theories: Adverse selection theory, the diffusion theory, social exchange theory, moral hazard theory, and perceived value theory. For instance, Adverse Selection Theory of attitude towards insurance stated that economics has impact on legal scholarship concerning insurance markets and is devoid of institutional detail. This leads to demonstrate that normal theoretical conclusions about the optimality and perhaps even the existence, of competitive market equilibrium can fail in the presence of asymmetric information (Siegelman, 2004). Similarly, the Diffusion Theory of attitude towards insurance asserted that people process and accept information by going through five stages which is not done impulsively. The theory examines how ideas are spread among groups of people.
On the other hand, Social Exchange Theory of perception of insurance opportunity is based on the idea that social behavior is the result of an exchange process. According to this theory, people weigh the potential benefits and risks of their social relationships. When the risks outweigh the rewards, they will terminate or abandon the relationship. More so, Moral hazard theory of perception of insurance opportunity describes what happens when one party is partly insulated from risk because another party agrees to wholly or partly indemnify losses that the first party might suffer. This theory stipulates that people or organizations with insurance may take risks that are greater than what they would have taken if they did not have insurance because they know that they have monetary protection from the adverse effects that might arise out of the risky behavior. Further, perceived value theory of perception of insurance opportunity asserts that value is seen as a necessary prerequisite for commercial sustainability, especially in a competitive marketplace, and as key to the success of all companies (Fernandez et al., 2007). Using the concept of customer perceived value has proven to not only create more satisfying customers, but more importantly, it also has a direct impact on customer buyback intentions and loyalty (Lin et al., 2005). Empirically, studies were reviewed. From the reviewed studies the following null hypotheses were adopted for the study.
DISCUSSION
The findings of the study showed that first hypothesis which stated that “loyalty “perception of insurance opportunity had positive and significant relationship with attitude towards insurance in Anambra was not accepted because perception to insurance had positive and significant relationship with loyalty dimension of attitude of insurance opportunity in Anambra State, Nigeria. This means that as attitude to insurance increase people’s loyalty to insurance opportunity increase. This finding agrees with Ajemunigbohun, Olowokudejo, and Ukpong (2022) finding that affirmed that claims settlement and attitude was significant in attracting reasonable risk attitudes from motor insurance policyholders and loyalty. Conversely, this finding disagrees with Fadun (2023) observed that insurance claims settlement and attitude has an insignificant negative effect on loyalty to insurance opportunity and economic growth.
Theoretically, this supported social exchange theory by Blau (1964) that believed that social behavior is the result of an exchange process. According to this theory, people weigh the potential benefits and risks of their social relationships. When the risks outweigh the rewards, they will terminate or abandon the relationship. Consequently, individuals and groups choose strategies based on perceived rewards and costs, where they factor in the consequences of their behavior before acting in order to keep their costs low and rewards high.
Second hypothesis which stated that “transparency” perception of insurance opportunity had negative and significant relationship with attitude towards insurance in Anambra State, Nigeria was rejected due to attitude to insurance had negative and significant relationship with transparency dimension of perception of insurance opportunity in Anambra State, Nigeria. This shows that decrease in attitude to insurance increase in transparency in insurance opportunity. This finding is in line with Bamgbose et al. (2022) study that revealed that intention to purchase micro-insurance products is influence by factors that are normative rather than attitudinal, as expressed by the theory of reasoned action. Since, the success of different factors in influencing peoples’ attitude towards micro-insurance products show that savings, protection against risks and investment are key factors influencing peoples’ attitude towards micro-insurance products through transparency. This finding is also in line with Shobiye et al. (2021) results showed that a higher proportion of provider facilities participating in insurance relative to non-participating facilities were larger with mid to (very) high client volume, workforce, and longer years of operation once there is transparency in insurance opportunity. In addition, a greater proportion of attitude to insurance means more transparency in insurance opportunity. Theoretically, this support diffusion theory advanced by Lionberger in 1960, which asserted that people process and accept information include where the individual is exposed to the idea but lacks knowledge of its benefit; the interest stage is when the idea arouses the individual who assess the possibility of using it.
Conclusion
This study determined relationship between attitude to insurance and perception of insurance opportunity among in Anambra State, Nigeria. The problem statement was appropriately stated. The purpose of the study, research questions, literatures and hypotheses were stated accordingly, research design and statistics choose appropriately. Hence, the analysis revealed that attitude to insurance had positive and significant relationship with loyalty dimension of perception of insurance opportunity in Anambra State, Nigeria, while attitude to insurance negative and significant relationship with transparency, proficiency, and convenient services dimensions of perception of insurance opportunity in Anambra State, Nigeria. In contrast, attitude to insurance had no relationship with reliable dimension of perception of insurance opportunity in Anambra State, Nigeria.
Recommendations
The following recommendations are made:
- Nigeria Social Insurance Trust Fund needs to ensure transparency in their performance, this will increase patronage.
- There is need Nigeria Social Insurance Trust Fund to ensure proficiency in their opportunities .this will promote staff competency.
- The Nigeria Social Insurance Trust Fund needs to ensure reliability in their performance .this will convince the public to comply with them.
- There is also need for Nigeria Social Insurance Trust Fund to make their services convenient to the public .this will attract more patronage.
Limitations of the Study
- The study focused on a particular insurance organization .this was because of the peculiar observations made in the organization .the possibility of the findings extending to other insurance organization is not known.
Suggestions for Future Research
- Future studies should extend to other insurance organization in the country .This may ensure robustness of the findings
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