Role Of Business In Nigeria

the selected market only if those consumers that have some knowledge of the insurance products.

Additionally, entry visas for those expatriate are very complicated. The recruitment of qualified skilled experts is difficult and they are not staying long in the country. Because Larson had a promise to increase the share of local ownership, the local partner 's participation seems very important. If the expatriate general manager of the Nigerian operation has delivered a very negative report, the operation should still continue. There are great amount of demands for products in Nigeria and competitions seem not very high. Since different country have different business cultural, to successfully operate the company in Nigeria, Larson have to cope with their way of doing business. After the share of local ownership increase, they cultural of the business might change to the local way. And the company will have more access to negotiate with the government.

Convenience in business dealing. Innovative and customized Insurance solutions which will be appealing to diverse market

business of insurance. But the lack of uniformity, loop holes, blind spots and deficiencies within

This project focuses on existing problems, importance of efficient the country risk of Nigeria. In this regard we have identified their culture, people, economy, investment, opportunity, some key problems like Corruption, bureaucracy, piracy, Counterfeit, Criminal activities and fraud, legal safeguards etc. This paper also intends to show the regulatory framework issue, micro economic and macroeconomic issue to give a detailed picture of the Nigerian business Risk.

Insurance is an arrangement by which a company gives customers financial protection against loss or harm such as theft and illness in return for premium payments. One of the most important ways that external economic factors are affecting insurance industries is by experiencing a slow pattern in the economy. Insurance companies are affected by lower sales and lower rates of returns on their investments. Companies have to sell certain products for which they have the commitment and the

To remain competitive and operational most insurance agencies are relying on mobile devices, social media and rethinking how they conduct business to remain relevant. Depending on whether you are in house agent, or field agent you will have the advantage of using your computer, phone, tablet to process applications. In the past agents would have to carry paper applications with them when visiting a prospective client. Modern technology is changing and applications can be processed electronically at your fingertips. Most insurance companies are shifting from point of sale system to a web based solution. This change will allow independent agents access into the policy pricing system to give the most accurate pricing information. Insurance agencies are also looking to change explanation of benefits to make it more user friendly for customers (Baseline Magazine).

In this paper, we will discuss Geico Insurance and how its marketing mix operates in the insurance industry. We will describe the four elements of the marketing mix, more commonly known as the 4P’s. Next, we will describe how each one of the four elements affects the development of Geico’s marketing strategy and tactics. Last, we will describe how each element is implemented in Geico’s marketing strategy.

Nowadays, having insurance is a ‘nice thing’ to carry in case of emergency. In the U.S, most people should have at least one type of insurance. As for auto insurance, the law requires drivers to carry insurance when driving. Because of this need, the constant demand for having insurance drives many firms competing in this saturated market. In this analysis, the focus attempts to show GEICO Insurance promotional strategy in communicating its products and services to the market and identifies the effective ways in growing the brand-awareness.

The challenge for the insurance companies nowadays is to provide the right type of policy to the customer as per the financial needs of customers. IDBI Federal is yet to prove its worth in the industry. Though IDBI Federal is able to sell the right policy to the right customer but the needs to boost up its advertisements to build a bond of mutual trust between the customers and the company. The products of IDBI Federal require additional features in it.

The insurance industry is a highly competitive market. The market is shared by individual’s agents and companies both competing for the same customers. In this industry one critical success factor for Allstate Corporation is changing the way it conducts business. The more technical savvy the customers are and the more popular the use of the internet is becoming. This is allowing customers the ability to obtain instant quotes online. The internet is a powerful marketing tool that gives the insurance industry the opportunity to grow and increase revenue by reaching the market completely.

To enable it to reach the FO, The GI Business strategy is to “Deliver a seamless insurance experience to Protect 1 million CBA customers by 2017, through Simplifying how we do things, enabling our people, building strong partnerships, investing in technology, and knowing our customers. This is more a strategic intent, or vision, rather than a true strategy, but shows the focus for GI is on growth in its existing customer base, which currently stands at 700,000. Rather than argue whether this is in fact a strategy or not, this report will assume this as a strategy and provide analysis of this strategy and the fit with both the internal and external environments.

Economic diversification holds the key to the emergence of a robust Economy that is capable of creating jobs and reducing poverty and unemployment. President Buhari’s administration needs to articulate and implement an economic blueprint for the diversification of the Nigerian economy, leveraging sectors such as agriculture, manufacturing, hospitality, tourism and ICT to boost productive activities and revenue

serving more than 83 million customers. It is the market leader in insurance market in Europe

It is against this background, that besides the introduction other parts of the paper are structured as follows. Next to the introduction, the paper takes a look at the structure and development of the Nigerian financial system before explaining the role of the financial system in the Nigerian economy. Next to this is the section that addresses the history of banking reforms in Nigeria and the nature of the reforms. The last part concludes the paper after a critical look at development implications of banking sector reforms.