THE CHALLENGES OF PRODUCT DEVELOPMENT IN THE GROWTH AND DEVELOPMENT OF MICRO INSURANCE BUSINESS IN NIGERIA

The challenges of product development in the growth and development of micro insurance business in Nigeria is a commercial complex, which is based on four chapter, while the underwriter should study the need of product developments and micro insurance in the entire environment and design the product (policies cover) that will help the insurance industry.

TABLE OF CONTENTS

TITLE PAGE

Title Pagei

Certificationii

Dedication iii

Acknowledgment iv

Table of Contentsv-ix

CHAPTER ONE

1.0Introduction1

1.1Background of the Study8

1.2Statement of Research Problem 12

1.3Research Questions 12

1.4Objective of the Study13

1.5Hypotheses14

1.6Scope of the Study15

1.7The Limitation of the Study 16

1.8Operational Details of Terms16

CHAPTER TWO

2.0Literature Review20

2.1Characteristic of micro insurance20

2.2Differences between conventional insurance and micro 

insurance conventional insurance21 

2.3Product development/new product development 22

2.4Type of polices offer by or under micro insurance 25

2.5Process of micro insurance product development 30

2.6Challenges of new product development 37

2.7Challenges of micro insurance 38

2.8Nature of cost and price in relation to micro insurance42

2.9Micro insurance product development for micro finance provider 45

2.10Low demand of micro insurance 47

2.11Strategic issues in the development of micro insurance product50

2.12Other strategies evolved for implementation of the micro 

insurance programme59

CHAPTER THREE

Research Methodology 65

Research Design 65

Primary Source of Data65

Secondary Sources of Data66

Sample Selection 66

Method of Data Collection66

Data Analysis Techniques 67

Data Used67

CHAPTER FOUR

Data Analysis and Interpretation68

4.1Presentation of Data68-83

4.2Test of Hypothesis84-88

CHAPTER FIVE

5.0Summary, Conclusion and Recommendation 89

5.1Summary89

5.2Conclusion 89

5.3Recommendation 90-91

Bibliography92-94 

Questionnaire95-97