Exploring The Factors That Influence Life Insurance Sales Personnel Performance in Nigeria

Abstract

To financial analysts, life insurance confers the benefits of investment as well as serve as an instrument of risk management on policyholders. This paper sought to ascertain the roles of organizational factors on life insurance sales personnel performance in Nigeria’s marketplace. This study specifically examines the influence of selection and recruitment, compensation, training, and sales territory on life insurance sales personnel performance. The descriptive survey research design was adopted in the study. The population of study are the entire life insurance sales personnel in the twenty (20) quoted firms in Nigeria. However, the accessible population are the sales personnel in the three (3) top most listed firms with headquarter in Lagos state. Two hundred and fifty (250) copies of a structured questionnaire was administered to sales managers, unit managers and sales executives of AIICO, Leadway Assurance and FBN life. The study found that all the independent variables exhibit significant relationship with sales personnel performance. Specifically, employee compensation exert the strongest influence on sales person’s performance. Closely following is sales territory while selection and recruitment exert the least influence on sales force performance. This study conclude that the independent variables exhibit positive and significant influence on life insurance sales personnel performance. The paper recommend among others that operational managers desirous of outstanding marketplace performance should hire only high caliber employees, thoroughly train, adequately and competitively compensate and equip the sales force with sufficient information that would enable them thrive in their assigned sales territories.