A STUDY ON MARKETING RESEARCH AS A TOOL FOR INCREASED PROFITABILITY IN THE NIGERIAN INSURANCE INDUSTRY (A CASE STUDY OF NICON INSURANCE COMPANY PLC. ABUJA)

ABSTRACT This study examines Marketing Research as a tool for increased profitability in the Nigerian Insurance industry taking Nicon Insurance Company Plc. Abuja as a case study. Marketing research can be seen as the application of the scientific method of inquiry in helping marketers to better understand and define their problems and find appropriate solution to them some of the objectives of the study include: To examine critically the level of marketing research applied by Nicon Insurance in their service delivery. To find the medium through which the research was created. In the course of solving the research problems, both primary and secondary data were collected with much emphasis on primary data which helped the researcher to get first hand information from the customers and staff of Nicon Insurance from the comprises the staff and management, the customers (policy holders) and the agents. The research instruments used for this study were the questionnaire surveys and personal or face-toface interview. The questionnaire was the major research instrument used in the study, which was administered to the staff of Nicon Insurance Company, policyholders and agencies. The level of significances used is 5%. The various hypotheses were tested using the chi-square. After a successful research, the researcher came out with the following findings: That Nicon Insurance company at one time on the other engaged in marketing research activities. It is against this entire background that the researcher believes that the study of this nature is necessary since it will help the company, the customers and the agents. Therefore, Nicon Insurance Company, should engage in marketing research activities since the market is very competitive and will also help them to remain competitive in the industry. It will also help them to increase the profit level in the organization.