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  2. Vol 2 Issue 3, 2020
  3. A CRITICAL ASSESSMENT OF MARKETING OF GENERAL INSURANCE PRODUCTS IN GHANA: A CASE STUDY OF SELECTED INSURANCE FIRMS IN THE SUNYANI MUNICIPALITY
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ASANTE EMMANUEL

A CRITICAL ASSESSMENT OF MARKETING OF GENERAL INSURANCE PRODUCTS IN GHANA: A CASE STUDY OF SELECTED INSURANCE FIRMS IN THE SUNYANI MUNICIPALITY

The study sought to critically assess the marketing of general insurance products in Ghana. The population of this study comprised of insurance companies in the Sunyani municipality. From the population of the study, a purposive sampling technique was used to select all the seventy-six (76) staff and management members of the selected insurance firms. The study adopted primary and secondary data. The study used both the descriptive and inferential data analysis for the study. The descriptive analysis made use of simple tables and figures to present findings of respondents and percentages, mean and standard deviation used to discuss results. For the effects of marketing strategy on profitability, regression and correlation analysis were employed. From the field survey, marketing strategies adopted by general insurance firms includes social media marketing, mass media marketing, promotions, public relations – press conferences, newsletters, press release, personal sales etc. The study concludes the marketing strategies adopted by the insurance firms have positive effect on the profitability of the firms. Increase in market share is regarded as having prominence as the resulting effect of an effective marketing strategy employed by the insurance firms. Increase in market share was positively related to financial performance measured by Return on asset, return on equity, return on investment and Total Expense Ratio. The study recommends that insurance firms should allocate sufficient resources to support and augment their marketing strategies and practices. Strategic marketing policies come with associated cost implications and for them to see light, they need adequate funding and resource allocation.