Product Innovation and Market Penetration Strategies for Sustainable Growth in NEM Insurance PLC, Lagos State

Kudirat Adeola BANJO; Omotayo Johncally ABERE; Fatimo Titilope AZEEZ

Kudirat Adeola BANJO Lagos State University of Science and Technology, Ikorodu, Lagos
Omotayo Johncally ABERE Lagos State University of Science and Technology, Ikorodu, Lagos
Fatimo Titilope AZEEZ Lagos State University, Ojo, Lagos

Keywords: Insurance, Product Innovation, Market Penetration, Micro-insurance Sustainability

Abstract

This study examined product innovation and market penetration strategies for sustainability of NEM Insurance Plc using the survey research design in which primary data and questionnaire were employed. The employees of NEM Insurance Plc, Lagos are the population of the study. A sample of 150 respondents were selected for this study. The study made used of probability sampling method. The Exploratory Factor Analysis (EFA) and Pearson Correlation were used to test the hypotheses. The software used for the analysis is Statistical Package for Social Sciences (SPSS) version 21.0. Findings of the study showed that ten items of the constructs have factor loading greater than 0.50. Also, a strong positive significant correlation existed between product innovation and penetration strategy (r = .749; p<.05) and a positive correlation between product innovation and sustainability of Insurance (r = 0.616; p<.05). The authors recommended embracing emerging technologies to enhance customer awareness for insurance industries in Nigeria.