The impact of promotional toolson the sale of insuranceproducts in Nigeria

This study examines the impact of promotional tools on the sales of insurance product in Nigeria, a case study of Industrial General Insurance Company (IGI). This study makes use of survey research design that allows for the use of questionnaires to elicit data from the respondents. The actual population of this study is the entire staff of Industrial General Insurance Company (IGI) and considering the various constraints associated with the population, an appropriate sample of one hundred (100) respondents was randomly selected to represent the entire population. Of the entire 100 questionnaires distributed to the respondents, 90 representing 90.% were properlly filled and retuned. Only 10 questionnaire representing 10% were not returned. The result shows that there is a significant relationship between promotion and product awareness (r =.627**, N= 90, P <.05); that promotional activities influence pricing of insurance product (r =.226**, N= 410*, P <.05) and that promotional tool [Sales promotion (β =.882, P <.01), Advertising (β =.451, P <.05), Public relation (β =.230, P <.05), Personal selling (β =.345, P <.05)], have a positive impact on sales volume of insurance companies. It is however recommended, among others, that promotion objectives of insurance companies should be well defined and staff should be well informed in order to achieve the stated objectives.