EXAMINING THE ROLE OF MARKETING RESEARCH ON INCREASED PROFITABILITY IN NICON INSURANCE COMPANY KADUNA STATE NIGERIA

Abstract

The objective of this study was to examine the influence of marketing research on the profitability of NICON insurance in Kaduna State, Nigeria. The study adopted survey research sampling the opinion of 14 staff of NICON Insurance, composed of senior management staff, administrative staff, and marketing staff. Their opinion was collected using a structured questionnaire. The data obtained was analyzed by tabulation and percentages, and the formulated hypotheses were tested using the Pearson Correlation Coefficient method. The findings revealed that marketing research exerts a statistically significant effect on NICON insurance profitability. More so, the study found that marketing research has a statistically significant effect on NICON insurance total premium. The study concluded that for insurance firms to maximize profit at an optimum level, they have to expand the scope of marketing research and development in order to eliminate the risk involved in today’s marketing trend. The study therefore recommended that NICON Insurance Kaduna State should fully embrace the marketing research tasks, and establish departments or units dedicated to this crucial task, staffing them with qualified and experienced personnel. They should also step up their research to deliver timely information on the development of insurance products and other aspects of their business. Furthermore, through market scenario research, they have to make a consistent effort to track the level of client satisfaction with their offerings.