The role of Intermediaries in marketing Insurance products in a competitive environment: the case study of Vanguard Assurance Company Limited

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The size of the Ghanaian insurance market relative to the general economy poses several marketing challenges. All the companies compete for the same and few insurance service products, giving rise to fierce competition among the various insurance companies. This has led to the employment of insurance intermediaries such as agents and brokers as channels of distribution with the aim of overcoming this stiff competition in the industry. Generally, the study intends to find out the role of intermediaries in the marketing of insurance products in a competitive environment using Vanguard Assurance Company (VAC) as a test case. A lot of literature were reviewed from both published and unpublished materials and then attempted to link it with the study. The major sampling technique used was purposive whilst research instruments such as questionnaires and interviews were used in the data collection process. • It was revealed that approximately 21% of the sample opted to place business with VAC. The three most preferred companies according to the findings were VAC, State Insurance Company (SIC) and Enterprise Insurance Company (EIC) because they meet the most important criteria sought for by clients. In addition, the study shows that majority of the intermediaries interviewed had completed at least secondary education (64.2%, n=43) which had a close relation with experience as intermediary experience and education had been found to be closely related to their performance on the job.  
A Dissertation submitted to the Department of Marketing and Corporate Strategy in partial fulfillment of the requirements for the award of Master of Business Administration Degree, 2008