Factors Influencing the Buying Behaviour of Millennials Towards Insurance Products in the Nigerian Insurance Market

Abstract

Investigating the factors affecting the purchase of insurance products and services among Millennials in Nigeria was the main purpose of the study. The study was guided by the following research objectives; exploring the methods millennials in Nigeria prefer in the accessing of insurance products and services; The assessment of the impact of the methods of promotion and messaging on the millennial population in Nigeria with regards to the uptake of insurance products and services and; to investigate the factors that influences the buying decision among the millennials in Nigeria; These where the major objectives of the study. It was ascertained that majority of the millennial age group in Nigeria, prefers to have a direct dealing with insurance company when buying insurance products and services. A further revelation shows that millennials, prefers the need of having insurance brokers/agents taking them through available options, regarding their choice of purchase. The study confirms that the prefer mode of information search among the millennial, is the television and radio with the social media following closely. With mobile payments confirmed as the most preferred modes of payment. The millennial prefers to purchase insurance products and services that was marketed on the social media and the internet, due to their preference of the internet over the traditional mainstream media. Mobile advertisements are becoming more popular among the Millennial population. With an increase in age and net income, direct dealing with insurance brokers and agents becomes more pronounced rather than peer referencing and the use of social media.