Third-Party Agency, A Remedy for Promoting Insurance Products and Services among Low-Income Earners in Rural Areas in Lagos State, Nigeria

Abstract

This research work considered the possibility of using third-party agency, as a remedy for promoting insurance products and services among low-income earners in rural areas. Attention was given to the dwellers of Ikorodu area. Questionnaire was used to solicit data from the respondents, and the data was analysed with the aid of Logit Binary Regression Model. The study revealed that poverty and illiteracy are the main mitigating factors impairing the growth of insurance services among the rural area dwellers. This paper concluded that if promotion; development and growth of insurance in the rural area is desired, third-party agents through the operation of insurance POS stands; and insurance of small products and businesses should be marketed among the rural dwellers.