Digital Marketing of Insurance in Nigeria: Challenges and Issues

The marketing of insurance products has also gone digital that is some companies are now selling their products using the online distribution channels. The concept of digitalisation of marketing of insurance in Nigeria is still in its infancy. This study aims at examining the effect of digitalisation on the distribution of insurance products in the country. A simple survey method was used in collecting data from the randomly selected respondents in six out of the 57 insurance companies in the market. A total of 240 copies of questionnaires were administered to staff of the marketing department of twelve randomly selected insurance companies in Lagos State with 150 returned by the respondents. Eight of the returned copies were found to be bad hence 147 copies were used for the analysis. The SPSS was used as tool to test the hypotheses of the study and the findings from the study showed that most of the insurance companies in the Nigerian insurance market have not started selling their products using the digital platforms and the adoption of digital distribution of insurance products would boost the performance of the industry.