margin-left:.1pt;margin-bottom:.0001pt;text-align:justify;line-height:200%;
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200%;font-family:" times="" new="" roman","serif";mso-fareast-font-family:"times="" roman";
color:black">This study attempts to examine
the effect of market segmentation as a tool for improving the performance of
insurance companies. Insurance companies are always seeking alternative ways to
improve the level of satisfaction among their customers; market segmentation
may be a useful tool. Market
Segmentation is essential and necessary for any organization trying to survive
in the global market. Consumer demands are diverse and all demands have to be
met as effectively as possible. Therefore organizations that sell a product or
service has to know who their various target markets and segment their product
in a way that suits each segment identified. This study looks at the
segmentation process and how segmentation can be effectively utilized to improve
the sales volume of Insurance services. Both primary and secondary sources of
data collection were used and analyzed by trend analysis. The research revealed
that once products or services were tailored to suit various types of consumer
segments, then requirements will be met, thus satisfaction, therefore
increasing the level of demand of that product or service. The research
concludes that effective consumer segmentation can increase the level of demand
of a product or service, of an organization. It has also been recommended that
profit making organization should always work around segmenting customers of
their product or service if they want to increase sales and organizational
performance in their organization. 200%">
13.0pt;line-height:200%;font-family:" times="" new="" roman","serif";mso-fareast-font-family:
"Times New Roman";mso-fareast-language:EN-GB">TABLE OF CONTENT 200%">
" times="" new="" roman","serif";mso-fareast-font-family:"times="" roman";mso-fareast-language:
EN-GB">Title Page
200%">
" times="" new="" roman","serif";mso-fareast-font-family:"times="" roman";mso-fareast-language:
EN-GB">Declaration
200%">
" times="" new="" roman","serif";mso-fareast-font-family:"times="" roman";mso-fareast-language:
EN-GB">Certification
200%">
" times="" new="" roman","serif";mso-fareast-font-family:"times="" roman";mso-fareast-language:
EN-GB">Approval Page
200%">
" times="" new="" roman","serif";mso-fareast-font-family:"times="" roman";mso-fareast-language:
EN-GB">Dedication
200%">
" times="" new="" roman","serif";mso-fareast-font-family:"times="" roman";mso-fareast-language:
EN-GB">Acknowledgement
200%">
" times="" new="" roman","serif";mso-fareast-font-family:"times="" roman";mso-fareast-language:
EN-GB">Abstract
200%">
" times="" new="" roman","serif";mso-fareast-font-family:"times="" roman";mso-fareast-language:
EN-GB">Table of Contents
200%">
13.0pt;line-height:200%;font-family:" times="" new="" roman","serif";mso-fareast-font-family:
"Times New Roman";mso-fareast-language:EN-GB">Chapter One 200%">
" times="" new="" roman","serif";mso-fareast-font-family:"times="" roman";mso-fareast-language:
EN-GB">Introduction
200%">
" times="" new="" roman","serif";mso-fareast-font-family:"times="" roman";mso-fareast-language:
EN-GB">1.1 Background of the study - - - - - - 1
200%">
" times="" new="" roman","serif";mso-fareast-font-family:"times="" roman";mso-fareast-language:
EN-GB">1.2 Statement of the Problem - - - - - - 6
200%">
" times="" new="" roman","serif";mso-fareast-font-family:"times="" roman";mso-fareast-language:
EN-GB">1.3 Research Questions - - - - - - - 7
200%">
" times="" new="" roman","serif";mso-fareast-font-family:"times="" roman";mso-fareast-language:
EN-GB">1.4 Objective of the Study - - - - - - - 7
200%">
" times="" new="" roman","serif";mso-fareast-font-family:"times="" roman";mso-fareast-language:
EN-GB">1.5 Research Hypothesis - - - - - - - 8
200%">
" times="" new="" roman","serif";mso-fareast-font-family:"times="" roman";mso-fareast-language:
EN-GB">1.6 Significance and Limitation Of The Study - - - - 8
200%">
" times="" new="" roman","serif";mso-fareast-font-family:"times="" roman";mso-fareast-language:
EN-GB">1.7 Scope and Limitation Of The Study - - - - - 9
200%">
" times="" new="" roman","serif";mso-fareast-font-family:"times="" roman";mso-fareast-language:
EN-GB">1.8 Definition of Terms - - - - - - - 10
200%">
13.0pt;line-height:200%;font-family:" times="" new="" roman","serif";mso-fareast-font-family:
"Times New Roman";mso-fareast-language:EN-GB">Chapter Two text-autospace:none">
font-family:" times="" new="" roman","serif";mso-bidi-font-weight:bold"="">Literature
Review
200%">
" times="" new="" roman","serif";mso-fareast-font-family:"times="" roman";mso-fareast-language:
EN-GB">2.1 Introduction - - - - - - - - 12
200%">
" times="" new="" roman","serif";mso-fareast-font-family:"times="" roman";mso-fareast-language:
EN-GB">
200%">
" times="" new="" roman","serif";mso-fareast-font-family:"times="" roman";mso-fareast-language:
EN-GB">
200%">
" times="" new="" roman","serif";mso-fareast-font-family:"times="" roman";mso-fareast-language:
EN-GB">2.2
font-family:" times="" new="" roman","serif""="">Conceptual Framework of the study - -
mso-fareast-font-family:"Times New Roman";mso-fareast-language:EN-GB"> - - - 12 200%">
" times="" new="" roman","serif";mso-fareast-font-family:"times="" roman";mso-fareast-language:
EN-GB">2.3
Market Segmentation
Product Offer of AIICO Insurance and African Alliance
mso-fareast-font-family:"Times New Roman";mso-fareast-language:EN-GB"> 23 200%">
" times="" new="" roman","serif";mso-fareast-font-family:"times="" roman";mso-fareast-language:
EN-GB">2.4
font-family:" times="" new="" roman","serif""="">Insurance Marketing and Market
Segmentation
font-family:" times="" new="" roman","serif";mso-fareast-font-family:"times="" roman";
mso-fareast-language:EN-GB"> - - - - 35
200%">
" times="" new="" roman","serif";mso-fareast-font-family:"times="" roman";mso-fareast-language:
EN-GB">2.5
font-family:" times="" new="" roman","serif";mso-fareast-font-family:arial;mso-bidi-font-weight:
bold">Market Segmentation Criteria
12.0pt;line-height:200%;font-family:" times="" new="" roman","serif";mso-fareast-font-family:
"Times New Roman";mso-fareast-language:EN-GB"> - - - - - - 23
200%">
" times="" new="" roman","serif";mso-fareast-font-family:"times="" roman";mso-fareast-language:
EN-GB">2.6
font-family:" times="" new="" roman","serif""="">Importance of Segmentation to Insurance
Companies
font-family:" times="" new="" roman","serif";mso-fareast-font-family:"times="" roman";
mso-fareast-language:EN-GB"> - - - 41
200%">
" times="" new="" roman","serif";mso-fareast-font-family:"times="" roman";mso-fareast-language:
EN-GB">2.7
font-family:" times="" new="" roman","serif""="">An Evaluation of the Nigerian Insurance
Market Segment
font-family:" times="" new="" roman","serif";mso-fareast-font-family:"times="" roman";
mso-fareast-language:EN-GB"> - - 44
200%">
" times="" new="" roman","serif";mso-fareast-font-family:"times="" roman";mso-fareast-language:
EN-GB">2.8
" times="" new="" roman","serif";mso-fareast-font-family:"times="" roman";mso-font-kerning:
18.0pt;mso-ansi-language:EN-US;mso-bidi-font-weight:bold">Market Segmentation
Process – Seven Steps
line-height:200%;font-family:" times="" new="" roman","serif";mso-fareast-font-family:
"Times New Roman";mso-fareast-language:EN-GB"> - - - - 48
200%">
" times="" new="" roman","serif";mso-fareast-font-family:"times="" roman";mso-fareast-language:
EN-GB">2.9
Market segmentation, Targeting
and Positioning Process
mso-fareast-font-family:"Times New Roman";mso-fareast-language:EN-GB"> - -
mso-fareast-font-family:"Times New Roman";mso-fareast-language:EN-GB">52 200%">
" times="" new="" roman","serif";mso-fareast-font-family:"times="" roman";mso-fareast-language:
EN-GB">2.10
" times="" new="" roman","serif";mso-fareast-font-family:"times="" roman";color:black;
mso-font-kerning:18.0pt;mso-ansi-language:EN-US">Marketing Strategies for
Insurance Companies
200%;font-family:" times="" new="" roman","serif";mso-fareast-font-family:"times="" roman";
mso-fareast-language:EN-GB"> - - - - 56
200%">
" times="" new="" roman","serif";mso-fareast-font-family:"times="" roman";mso-fareast-language:
EN-GB">2.11
" times="" new="" roman","serif";mso-ansi-language:en-us"="">Market segmentation
implementation challenges
line-height:200%;font-family:" times="" new="" roman","serif";mso-fareast-font-family:
"Times New Roman";mso-fareast-language:EN-GB"> - - - 58
200%">
" times="" new="" roman","serif";mso-fareast-font-family:"times="" roman";mso-fareast-language:
EN-GB">2.12
Market Segmentation
mso-ansi-language:EN-US">Challenges of Insurance Companies and Solution
mso-fareast-font-family:"Times New Roman";mso-fareast-language:EN-GB"> 59 200%">
13.0pt;line-height:200%;font-family:" times="" new="" roman","serif";mso-fareast-font-family:
"Times New Roman";mso-fareast-language:EN-GB">Chapter Three 200%">
" times="" new="" roman","serif";mso-fareast-font-family:"times="" roman";mso-fareast-language:
EN-GB">Research Methodology
200%">
" times="" new="" roman","serif";mso-fareast-font-family:"times="" roman";mso-fareast-language:
EN-GB">3.1 Introduction - - - - - - - - 64
200%">
" times="" new="" roman","serif";mso-fareast-font-family:"times="" roman";mso-fareast-language:
EN-GB">3.2 Research Design - - - - - - - - 64
200%">
" times="" new="" roman","serif";mso-fareast-font-family:"times="" roman";mso-fareast-language:
EN-GB">3.3 Population and Sampling Technique - - - - - 65
200%">
" times="" new="" roman","serif";mso-fareast-font-family:"times="" roman";mso-fareast-language:
EN-GB">3.4 Method Of Data Collection - - - - - - 66
200%">
" times="" new="" roman","serif";mso-fareast-font-family:"times="" roman";mso-fareast-language:
EN-GB">3.5 Procedure for Data Analysis - - - - - - - 68
200%">
" times="" new="" roman","serif";mso-fareast-font-family:"times="" roman";mso-fareast-language:
EN-GB">3.6 Justification of Method - - - - - - - 69
200%">
13.0pt;line-height:200%;font-family:" times="" new="" roman","serif";mso-fareast-font-family:
"Times New Roman";mso-fareast-language:EN-GB">Chapter Four 200%">
" times="" new="" roman","serif";mso-fareast-font-family:"times="" roman";mso-fareast-language:
EN-GB">Data Presentation and Analysis
200%">
" times="" new="" roman","serif";mso-fareast-font-family:"times="" roman";mso-fareast-language:
EN-GB">4.1Introduction - - - - - - - - 70
200%">
" times="" new="" roman","serif";mso-fareast-font-family:"times="" roman";mso-fareast-language:
EN-GB">4.2Data Presentation and Analysis - - - - - - 71
200%">
" times="" new="" roman","serif";mso-fareast-font-family:"times="" roman";mso-fareast-language:
EN-GB">
200%">
" times="" new="" roman","serif";mso-fareast-font-family:"times="" roman";mso-fareast-language:
EN-GB">
200%">
" times="" new="" roman","serif";mso-fareast-font-family:"times="" roman";mso-fareast-language:
EN-GB">4.3 Test of Hypothesis - - - - - - - 79
200%">
" times="" new="" roman","serif";mso-fareast-font-family:"times="" roman";mso-fareast-language:
EN-GB">4.5 Interpretation of Findings - - - - - - 87
200%">
13.0pt;line-height:200%;font-family:" times="" new="" roman","serif";mso-fareast-font-family:
"Times New Roman";mso-fareast-language:EN-GB">Chapter Five 200%">
" times="" new="" roman","serif";mso-fareast-font-family:"times="" roman";mso-fareast-language:
EN-GB">Summary, Conclusion and Recommendations
200%">
" times="" new="" roman","serif";mso-fareast-font-family:"times="" roman";mso-fareast-language:
EN-GB">5.1 Summary - - - - - - - - - 89
200%">
" times="" new="" roman","serif";mso-fareast-font-family:"times="" roman";mso-fareast-language:
EN-GB">5.2 Conclusion - - - - - - - - 89
200%">
" times="" new="" roman","serif";mso-fareast-font-family:"times="" roman";mso-fareast-language:
EN-GB">5.3 Recommendations - - - - - - - 90
200%">
" times="" new="" roman","serif";mso-fareast-font-fami