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Empirical Examination Of The Implementation Of Electronic Payment Systems In Service Delivery Of Insurance Companies In Nigeria

Author

Listed:
  • Samson Nwankwo

    (Department of Insurance, Lagos State University)

  • Sunday Ajemunigbohun

    (Department of Insurance, Lagos State University)

  • Ayodele Iyun

    (Divisional Head, Engineering & Telecoms Division Custodian and Allied Insurance Company Limited, Sabo, Yaba, Lagos)

Abstract

This study was designed with the aim to investigate the implementation of electronic payment systems in the service delivery of various insurance companies operating in Nigeria. To this end, the researchers have been able to assess if electronic payment systems have improved service delivery of insurance companies in Nigeria, and thus ascertained its acceptance level within the Nigeria’s insurance business environment. The study employed a cross-sectional type of survey design. The study commenced with the gathering of relevant literature. More so, a simple random technique was employed and relevant data were gathered through the use of structured questionnaire. The sample population consisted of 79 respondents made up of some members of staff drawn from 32 insurance companies which were selected from the directory of member companies. The major statistical technique employed for this study was a Kolmogorov-Smirnov test. Two hypotheses were tested in this study. The hypotheses tested in the study found that electronic payment systems have improved service delivery of insurance companies in Nigeria but yet to be fully accepted within the Nigeria’s insurance market space. The study confirms the significant influence of electronic payment system in the service delivery of insurance companies Nigeria. The study recommends that continuous investment in technology is imperatively crucial to allow for cordial business relationship among all players in the Nigerian insurance market environment. Also, greater attention should be placed on customers’ education and engagement in the use of electronic payment systems to enhance business transactions, and Government initiative towards cashless policy should be made feasible by continuously encouraging members of the public towards transacting business electronically.

Suggested Citation

  • Samson Nwankwo & Sunday Ajemunigbohun & Ayodele Iyun, 2015. "Empirical Examination Of The Implementation Of Electronic Payment Systems In Service Delivery Of Insurance Companies In Nigeria," European Journal of Business and Economics, Central Bohemia University, vol. 10(2), pages 6841:10-684, January.
    • Handle: RePEc:aad:ejbejj:v:10:y:2015:i:2:p:684
    DOI: 10.12955/ejbe.v10i2.684
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    References listed on IDEAS

    as
    1. Humphrey, David B & Kim, Moshe & Vale, Bent, 2001. "Realizing the Gains from Electronic Payments: Costs, Pricing, and Payment Choice," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 33(2), pages 216-234, May.
    2. Steven A. Taylor & Kevin Celuch & Stephen Goodwin, 2002. "Technology Readiness in the E-Insurance Industry: An Exploratory Investigation and Development of an Agent Technology E-Consumption Model," Journal of Insurance Issues, Western Risk and Insurance Association, vol. 25(2), pages 142-165.
    3. Oecd, 2006. "Online Payment Systems for E-commerce," OECD Digital Economy Papers 117, OECD Publishing.
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