Browsing by Author "Mensah, Nicholas Oppong"

Now showing 1 - 2 of 2
  • Thumbnail Image
    Item
    Risk perception and agricultural insurance development strategy for cashew crop farmers in the Brong-Ahafo Region of Ghana
    (July 2016) Mensah, Nicholas Oppong
    Although cashew development is imperative to mitigating the effect of climate change in 2030 and beyond when cocoa revenue begins to fall in Ghana, Cashew farmers lack access to credit to expand their production. The study was aimed at assessing risk perception of cashew farmers, financial institutions and insurers in order to develop agricultural insurance to enhance cashew crop farmers’ access to credit to foster cashew development. The study covered seven districts and 21 comunities in the Brong Ahafo Region of Ghana. Both quantitative and qualitative techniques were utilized in the study. A a multistage sampling technique was used to select a total of 500 respondents comprising 420 farmers, 30 pool stakeholders from Ghana Agricultural Insurance Pool (GAIP) and 50 credit officers from financial institutions.Primary data were collected by means of focus group discussions, semi-structured questionnaires, in-depth interviews, and choice experiments based on stated preference techniques. Means scores, percentages, frequencies, standard deviations, factor analysis, and Kendall’s coefficient of concordance, mix logit, latent class and multinomial logit models were employed in analysing the data. The results indicated that farmers’ residual risks and key perils which needed insurance covers were excess rainfall, high temperature, high wind speed and fire. It was found that farmers and financial institutions were willing to pay for agricultural insurance schemes based on index, indemnity and functional synthesis philosophies and GAIP stakeholders were willing to accept. The mix logit model and latent class models results show that the mean willingness to pay for functional synthesis approach was highest, followed by simulation, indemnity, index and benchmarking with mean WTP per acre of GH¢102.38, GH¢93.94, GH¢76.34, GH¢71.34 and ¢67.70, respectively and four latent classes were observed. Feasible distribution channels, insurance companies, banks, marketing champions, while full service model, banccassurance model, partner-agent and agency models were detected as supply models.Cashew crop farmers’ perception of insurance companies was positive with an index of 0.22, while a negative perception index of -0.15 was recorded for insurance benefit. Almost all farmers indicated that promotion of agricultural insurance education should be done through local radio and television stations. A value chain financing model in a public-private partnership (PPP) model was seen as an appropriate framework to lend and distribute insurance products to cashew farmers. To overcome the constraints to the development of agricultural insurance to enhance farmers’ access to credit for cashew development, a policy aimed at forming cashew development, building capacity for insurers, and legislation on agricultural insurance and value chain financing in Ghana will be useful.
  • Thumbnail Image
    Item
    The Role of Communication in the Marketing of Life Insurance in Ghana (A Case Study of Donewell Insurance Company Limited)
    (2008-08-25) Mensah, Nicholas Oppong
    In today's highly competitive environment, the level of service insurance companies deliver to agents and policy-holders is a key differentiator. Providing timely and relevant communication is a critical component of any effective customer service strategy. The primary challenge for insurers today is how to, effectively, design and deploy consistent, personalized communication across the growing range of communication delivery channels and to leverage valuable customer information throughout the enterprise. THC study intended to examine the role that integrated marketing communication plays in the marketing of Life insurance products. Various reading materials were reviewed. This enabled the study to find out, whether there is some degree of consistency in those materials that were re-evaluated. Quota and purposive sampling techniques* were employed in selecting the sample. The main research instruments used in the study were structured questionnaire, interviews and participatory observation. The study revealed that, majority of the staff (54%), admittedly, did not take side on the issue of identifying a communication gap between their target audiences. However, twenty-two percent (22%) of them perceived communication as superior. In addition, most of the policy-holders did not read the terms, conditions and benefits of the products, although, majority of the customers were educated. It was recommended that educational workshops and training should be organized for agents and policy-holders especially prospective clients to ensure efficient and effective integrated marketing communication as a tool in enhancing higher sales in life products. Moreover, the amount of money allotted for marketing communication should be increased due to the intensity of competition in the industry, which should go hand in hand with quality service delivery.