CHAPTER ONE 1.4     BACKGROUND OF THE STUDY

To attain set organizational goals and objective companies design and implement various method or strategies. These strategies can be co-operate business or functional marketing strategies easy to application by contemporary companies in order to be effective. Marketing has been define in various way, depending on the scholars view. Marketing is vital for the success of any organization whether product or service given. Achumba and Osugwu (1994) marketing an arrangement of business activities organized to plan, produce, price, promote, distribute and marketer goods and services for the satisfaction of customer. Osugwu (1999) insurance service sector constitute a financial service industry that has currently been change by aggressive strategies marketing behavior insurance business activities in Nigeria, Media (1984).

Historically can be traced to the British merchant commercially their business activities as agent for insurance companies in British  major area of business being marine insurance.

These agent operating in Nigeria package and organized insurance cover for imported and exported product. With the gradual installation of computer in insurance companies.

New technologies are poised to play a major role in the co-coordinating of marketing strategies studies and planning including new product and service. Consumer attitude, marketing potential and sale forecasting analysis rate, making and insurance of policy endorsement as well as insurance marketing must be variously pursued by individual.

Insurance is not the offer like car, food and clothing the main variable affecting a person behavior towards risk.

The peculiaries may, also require unique marketing approaches and strategies. However, marketing concept, principles and strategies are of relevance in the marketing of insurance service. Sound marketing strategies are vital to the survival and growth of any business.

Therefore in order to formulate and implement efficient and effective marketing strategies business organization should have a thorough and continue understanding of the relevant environment that impact on their marketing strategies.

 1.5    STATEMENT OF THE PROBLEM

Despite the fact that strategies planning has though far reaching revolution which has tremendously transformed most business landscaped, it is still played what? With some constraint include wrong application of strategies planning by Nigeria insurance companies unethical behavior and conduct of insurance protection poor organizational, structure in the Nigeria insurance industry and non conformity of the rules and standard by the workers of the insurance companies towards actualization of the strategies goals.

Therefore this study will address this problem and profer solution to them.

   1.6  PURPOSE OF THE STUDY

The purpose of the study is to create an insight to the strategies of revamping insurance industries in Nigeria. The Nigeria industries had series of challenges which have hindered it effectiveness in achieving the set objective or goals. Efforts were made to device strategies designed to help the firms achieve competitive advantage which allows firms to gain an edge over it reveals.

It furthermore enable or help a firm to achieve high performance over an extended period of time through better service delivery to the insuring public to increase their initiative towards greater acquisition of insurance policies.

1.4     RESEARCH QUESTION

To extensive nature of this study will necessitate adaption of research question which will provide a guide toward a broad and all inclusive analysis of the strategies of revamping insurance industries?

1. Has Nigeria insurance industries witness any growth exercise since it inception of operation in this country.
2. Is there any effective strategies to revamp the image of Nigeria insurance industries towards greater performance?
3. How does the effective performance of insurance bring a rapid growth in the country?
4. Is the word revamping generate positive effect?

 1.5    SIGNIFICANCE OF THE STUDY

This study will be particularly relevant to the insurance sectors, students of insurance and Nigeria in general. On the part of industry, it will enable them to determined how best to administer the operation of the industry in order to attain set objective reframe.

Studies as well as for reference purpose furthermore, the study will change the attitude of the public to live greater acquisition of insurance policies owing to the indispensable role insurance play towards rapid economic growth of the nation.

Effective strategies to revamp the industries achieved will contribute to the growth of commerce.

1.6     THE SCOPE OF THE STUDY

The scope of the study would be broadening if envisaging the entire insurance companies in Nigeria. Then, the researcher have decided to limit the study to few insurance companies like Lead-way Insurance Plc, Niger Insurance Plc, African Insurance Plc and Mutual Benefit Insurance Company.