An investigation into the influence of demographic factors on market strategies for life insurance demand: A case study of Windhoek, Namibia
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Date
2022
Authors
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Publisher
University of Namibia
Abstract
This study aimed at investigating the influence of demographic factors on market strategies for life
insurance demand in Windhoek, Namibia. The main objective was to investigate the impact of
demographic factors on market strategies for life insurance demand in Namibia, and the specific
objectives were to determine the effect of age, sex, level of education, and marital status
(demographic factors) on life insurance demand, to formulate demographically inclusive life
insurance market strategies and to make a recommendation with regards to the impact of
demographic factors on market strategies for life insurance demand in Namibia.
The study population was Windhoek residents, with a sample size of eighty from the public and
twenty from the selected insurance companies. The study used quantitative research and a causal comparative research design. The research was conducted through self-administered
questionnaires, consisting of eight sections. Data analysis and discussions were done through
graphs, charts, and tables. This was to interpret, read and understand the results easily. The study
found that demographic factors do affect the uptake of insurance and current strategies used by
insurance companies and it was also companies, and it was also revealed that insurance companies
needed to produce new or more strategies to benefit and attract more customers.
Furthermore, the study concluded that based on the findings, demographic factors do affect
insurance uptake. There are no specific policies designed to satisfy certain individuals
demographically, since all policies are generalised by insurance companies. Cultural attitudes and
values, religion, and language have impacted insurance uptake and should be considered when
motivating people to purchase insurance. Lastly, insurance companies need to find ways to attract
low-income individuals and make their packages understandable to all.
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Based on the findings, the study made several recommendations which include; encouraging
insurance companies through NAMFISA to sensitise the public on the different benefits of
insurance and insurance products available on the market, simplifying insurance policies to make
it easy for individuals to understand, and have insurance companies open up more offices across
the country to reach more people. Another area to look at would be how religion and cultural
beliefs affect the uptake of insurance in the rural areas of Namibia. This would help them
understand the people more and be able to design insurance packages specifically for them
Description
A thesis submitted in partial fulfilment of the requirements for the degree of master in business administration management strategy
Keywords
Demographic factors, Life insurance, Market strategies