Insurance Purchase: Price, Product, Promotion and Consumers Attitude Perspectives

Abstract

This paper describes the impact of consumer’s attitude on the purchase of insurance product in Nigeria. The attitudes, most often negative, are mirrored through low patronage of insurance services. Data were collected through the use of self-structured closed questionnaire. The research adopted a descriptive survey design. One hundred and fifty (150) questionnaires were administered, however only one hundred and thirty two (132) were properly filled and good enough for data analysis. The Pearson Product Moment Correlation and Regression Analysis were used to test the hypotheses generated for the study at 0.05 alpha levels. The result of the study showed that there is a significant relationship between customer’s attitude and insurance product. Findings also revealed that there is a significant relationship between product awareness and price. Findings from the survey further revealed that promotion of insurance products have significant influence on consumers buying behavior. Insurance companies are advised to guarantee that their services are dependable and reliable, in that the services should not require an excessive amount of bureaucratic procedure of their customers in taking an insurance policy or getting their claim. Other feasible measures to boost patronage of insurance products were recommended for insurance firms and policy-makers.