Consumer Buying Behaviour and Purchase of Insurance Products and Services in Nigeria
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Abstract
Understanding customer buying behavior is critical for the growth of insurance companies, particularly in Nigeria’s evolving financial landscape. This study examines Consumer Buying Behaviour and Purchase of Insurance Products and Services in Nigeria, focusing on LASSACO Insurance Plc in Ekiti State. Employing a random purposive sampling method, a sample size of 240 respondents was the population that made up of civil servants, LASSACO workers and some construction site workers. Data was gathered through a close-ended questionnaire and analyzed using simple percentages. Findings reveal that family and friends significantly influence insurance purchasing decisions, while easy access to information enhances the buying experience. These insights align with existing literature, underscoring the relevance of external factors and information accessibility in shaping customer behavior. The study concludes that addressing these factors can help insurance companies build stronger relationships, improve customer satisfaction, and ensure sustained growth in a competitive market. It is recommended that LASSACO should concentrate on consumer education programs to highlight the benefits of insurance products and investment in digital platforms to streamline service delivery and improve information accessibility. These measures are vital for enhancing customer engagement and loyalty in Nigeria's insurance industry.
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