UNIVERSITY OF LAGOS

FACULTY OF MANAGEMENT SCIENCES

DEPARTMENT OF ACTUARIAL SCIENCE & INSURANCE
SECOND SEMESTER 2019/2020 SESSION
COURSE CODE & TITLE: INS 342/424 MARKETING OF INSURANCE SERVICES

Time Allowed: 1 hour 30 minutes

Instructions:

i. Please write your matriculation number boldly on this question paper and the answer
booklet provided.
ii. Do not write any other thing on the question paper. All rough notes should be written on
the pages provided in the answer booklet.
iii. ANSWER THREE (3) QUESTIONS IN ALL.
iv. ANSWER ONE (1) QUESTION EACH FROM EACH SECTION. All questions carry
equal marks.
Section A
1a) Marketing management philosophies have evolved in a progressive fashion over the last
century. Discuss the oldest and the most recent marketing management orientation that
guides sellers. (12 marks)
1b) XYZ body care shop is owned by a young innovative entrepreneur. They are into selling
of cosmetic products buy in advertising from the marketing perspective, they have the
message “we sell beauty and hope”. In line with this, what will be the message of
insurance company be? (2 marks)
1c) Insurance products are intangible, perishable and variable. Explain? (6 marks)

2a) Write briefly on the forms of utility putting insurance in context. (10 marks)
2b) Marketing concept in the insurance industry rests on the following four (4) pillars.
i. Market focus
ii. Customer orientation
iii. Coordinated marketing
iv. Profitability
Briefly discuss their application and their effects. (10 marks)

Section B
3a) Define a Market Segment, and discuss five requirements that an insurance market
segment must satisfy for it to be worth targeting. (11 marks)
3b) After dividing an insurance market into different segments, a marketer will then decide
on the target market strategies to adopt. List and describe the basic strategic options
available to a marketer. (9 marks)

4a) In a bid to remain competitive, insurers have to engage in market research where they
collect, record and analyze data on performance, products, consumers and competition.
What are the functions of marketing research in insurance? (8 marks)

4b) Internal marketing audit involves examining all aspects of the business from a marketing
perspective. Discuss the main areas of inquiry when carry out an internal marketing audit.
(12 marks)

Section C
5 As a fresh graduate, you have been employed and deployed to the sales division of an
existing insurance company. Illustrate with a diagram and discuss how your centre of
influence can be used to enhance your prospecting for potential insurance consumers. (20
Marks)

6 Professional selling involves eight stages which a professional seller must go through in
the selling process. You are required to list and discuss these stages of selling process.
(20 Marks)