Employee-Focused Growth Initiatives and Insurance Service Delivery in Nigeria; A Forecasted Employee Growth Model (FEGM) Approach

Abstract

This research investigated employee-focused growth initiatives of insurance companies in Nigeria and how it affects insurance service delivery in Nigeria with a particular emphasis on the Forecasted Employee Growth Model (FEGM). The emphasis on insurance apathy without a shift in focus to how employees are treated in the insurance industry in Nigeria constituted the major problem of this research work. The study set out to achieve the main objective of ascertaining the impact of the employee-focused growth initiatives on the service delivery of insurance companies in Nigeria. The FEGM model was modified and used to construct a structured questionnaire which was administered on 146 employees of 10 insurance companies operating in Owerri, Imo State. The analysis of the data generated was done using descriptive statistics (mean and standard deviation) as well as the one sample t-test. The findings revealed that the enthusiasm of employees at the point of entry into any insurance company is met with low employee retention strategies as the trainings and development programmes are inadequate coupled with low employee welfare and poor work conditions. Other findings showed that promotions, enhanced salary and professionalism in insurance companies were the topmost employee growth initiatives that will enhance insurance service delivery. It was recommended that insurance professionals be employed so as to engender personal growth in the industry. Also, the study recommended a review of the basic salary for insurance employees, improved welfare packages, frequent promotion of staff that have performed exceptionally well as well as other incentives like expense paid trips, salary bonus, granting of off-days, development courses, etc.