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Appraising Technological Resources on Sale and Distribution of Insurance Products in Nigeria: The Moderating Role of Artificial Intelligence

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  • Osa Abraham Ehiorobo

Abstract

This study attempts to appraise how technology enhances the sale and distribution of insurance products in Nigeria with a view to determining if artificial intelligence plays any interactive role in this relationship. The Nigerian insurance industry has not fared well over the years due to overreliance on compulsory insurance while neglecting major aggressive marketing strategies that can improve the sale and distribution of insurance products. It is a well known fact in the insurance industry circles that the market is about 80 percent controlled by brokers while other agents and itinerant salespersons account for just 20 percent. The research is a quantitative design that utilizes the survey strategy. 235 questionnaires were administered to 15 top insurance companies in Nigeria and the Andy Hayes Process v3.3 for regression analysis was applied for data analysis. Findings from the research indicate that insurance business in Nigeria is still at a rudimentary stage and artificial intelligence is unknown to most of the companies surveyed. However, other information technology tools impact strongly on sales while there exists a weak but significant interaction between other forms of technology and artificial intelligence in boosting the sale and distribution of insurance products in Nigeria.

Suggested Citation

  • Osa Abraham Ehiorobo, 2020. "Appraising Technological Resources on Sale and Distribution of Insurance Products in Nigeria: The Moderating Role of Artificial Intelligence," Academic Journal of Economic Studies, Faculty of Finance, Banking and Accountancy Bucharest,"Dimitrie Cantemir" Christian University Bucharest, vol. 6(3), pages 12-21, September.
    • Handle: RePEc:khe:scajes:v:6:y:2020:i:3:p:12-21
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    References listed on IDEAS

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    1. Augustine Ujunwa & Nwanneka Judith Modebe, 2011. "Repositioning Insurance Industry for Operational Efficiency: The Nigerian Case," Journal of Applied Finance & Banking, SCIENPRESS Ltd, vol. 1(3), pages 1-2.
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    More about this item

    Keywords

    Artificial intelligence; information technology; insurance; sales; moderation;
    All these keywords.

    JEL classification:

    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes

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