EFFECT OF INNOVATIVE MARKETING STRATEGY ON PERFORMANCE OF INSURANCE COMPANIES IN NIGERIA

Authors

  • AGBOOLA ADEOLA OLANIKE Department of Management & Accounting, Lead City University, Ibadan.
  • AGBOOLA OMONIYI OLADIPUPO, PhD Department of Actuarial Science & Insurance, Joseph Ayo Babalola University, Osun State.

Abstract

The study examines at how innovative marketing methods affect the success of Nigerian insurance businesses. Data was acquired from 504 management employees at 56 insurance companies using both cross-sectional and survey research techniques. Using Taro Yamane's method for known populations, a sample size of 228 was calculated, which was then raised by 20% to improve robustness. Finally, 208 completed surveys were gathered, resulting in an amazing 78% response rate. The results show that innovative marketing strategies have a positive and significant influence on the performance of Nigerian insurance companies. Based on the findings of this study, insurance companies in Nigeria should prioritise the development and implementation of creative marketing techniques. Insurance firms may improve their market performance and competitiveness by consistently investigating and applying innovative marketing tactics, such as using technology, customer segmentation, and personalised solutions. This study adds to the expanding body of literature on insurance marketing tactics, giving useful insights for practitioners and policymakers looking to improve the performance and competitiveness of insurance businesses in the Nigerian market.

Keywords:

Innovative Marketing Strategy, Performance, Innovation Diffusion Theory

Published

30-04-2024

How to Cite

AGBOOLA ADEOLA OLANIKE, & AGBOOLA OMONIYI OLADIPUPO. (2024). EFFECT OF INNOVATIVE MARKETING STRATEGY ON PERFORMANCE OF INSURANCE COMPANIES IN NIGERIA. International Journal of African Innovation and Multidisciplinary Research, 4(2). Retrieved from https://mediterraneanpublications.com/mejaimr/article/view/381