Enhancing the Performance of Micro Insurance Industry in Nigeria Through Online Insurance Products

Abstract

Currently in Nigeria, none of the products of micro insurance industry can be acquired by interested customers just the same way customers can acquire banking products at the comfort of their homes through the aid of technological advancement, this study hereby focused on enhancing the performance of micro insurance industry in Nigeria through online Insurance Products. Survey research design was employed for this study. Ordinary Least Square and Logit Binary Regression Models were employed to test the hypotheses of the study. To conclude this study, we should simply agree that Online Insurance Products and development of insurance industry are interwoven, and the ability of the insurance industry in Nigeria to use it as a stepping stone to move forward globally will not only promote their growth and development, but also contribute to the growth and development of the Nigerian economy. However, there are numerous challenges that insurance companies faced especially in the phase of online Insurance Products, these challenges are: integration processes, which encompass globalisation, consolidation and convergence, ever more frequent and intensified catastrophic events and the emergence of new risks, mainly caused by the emerging technologies. Arisen from this study, this study recommended that management of insurance business and the Nigeria government in particular should understand the humongous benefits that can accrual from Online Insurance Products. In the same light, Nigeria government should develop policies that can enhance the business operation of microinsurance industry to meet up with the challenges facing insurance industry in the phase of Online Insurance Products. Keywords: Performance, Micro Insurance, Industry, Internet, Insurance Products 1.