PL EN


2016 | 24 | 64-76
Article title

Empirical examination of the implementation of electronic payment systems in service delivery of insurance companies in Nigeria

Content
Title variants
Languages of publication
EN
Abstracts
EN
This study investigates the implementation of electronic payment syms in the service delivery of insurance companies operating in Nigeria. A cross-sectional survey design employed. A simple random technique and structured questionnaire were both employed. 79 respondents were drawn from 32 insurance companies which were selected from the directory of member companies. The major statistical technique employed for this study was a Kolmogorovāˆ’Smirnov test. The study recommends that continuous investment in technology is imperatively crucial to allow for cordial business relationship among all players in the Nigerian insurance market environment and greater attention should be placed on customersā€™ education and engagement.
Year
Volume
24
Pages
64-76
Physical description
Contributors
  • Department of Insurance. Lagos State University. Ojo, Lagos, Nigeria
  • Department of Insurance. Lagos State University. Ojo, Lagos, Nigeria
References
  • Aduloju K., Olowokudejo F., Obalola M. (2014): Information Technology and Customer Service Performance among Insurance Companies in Nigeria. "European Journal of Business and Management", Vol. 6(20), pp. 80-87.
  • Agboola A.A. (2006): Electronic Payment and Tele-banking Services in Nigeria. "Journal of Internet Banking and Commerce", Vol. 11(3), pp. 20-25. www.arraydev.com/ commerce/jibc (access: 29.04.2015).
  • Ajemunigbohun S.S., Dansu F.S., Asokere S.S. (2010): Marketing: Repolishing Insurance Service Delivery (Nigeria's Case). "Proceeding of the Fourth African Regional Conference on Sustainable Development", Vol. 4 (13), pp. 15-18.
  • Aldridge A., Levine K. (2001): Surveying the Social World: Principle and Practice in Survey Research. Open University Press, Buckingham.
  • Asika N. (2008): Research Methodology in the Behavioural Sciences. Longman, Lagos, Nigeria.
  • Asikhia O. (2010): Customer Orientation and Firm Performance among Nigerian Small and Medium Scale Business. "International Journal of Marketing Studies", Vol. 2(1), pp. 197-212.
  • Auta E.M. (2010): E-banking in Developing Economic: Empirical Evidence from Nigeria. "Journal of Applied Quantitative Methods", Vol. 5(2), pp. 212-222.
  • Ayo C.K., Ukpeke W.I. (2010): Design of a Secure Unified E-payment System in Nigeria: A Case Study. "African Journal of Business Management", Vol. 4(9), pp. 1753-1760.
  • Baddeley M. (2004): Using e-cash in the New Economy: An Economic Analysis of Micropayment Systems. "Journal of Electronic Research", Vol. 5(7), pp. 239-253.
  • Breznik L. (2012): Can Information Technology be a Source of Competitive Advantage? "Economic and Business Review", Vol. 14(3), pp. 251-269.
  • Chandio F.H. (2011): Studying Acceptance of Online Banking Information System: A Structural Equation Model. A thesis submitted for the degree of Doctor of Philosophy, Brunel Business School, Brunel University, London.
  • Chen J.S., Tsou H.T. (2007): Information Technology Adoption for Service Innovation Practices and Competitive Advantage: The Case of Financial Firms. "Information Research", Vol. 12(3), pp. 314-336.
  • Cooper D.R., Schindler P.S. (2005): Business Research Methods. 9th ed. McGraw-Hill, New York.
  • Davis C. (2003): Cutting the Cost of Recurrent Electronic Insurance Payments. Electronic Payment International, November, US.
  • Egan J. (2004): Relationship Marketing: Exploiting Relational Strategies in Marketing. 2nd ed. Pearson Education Limited, Essex.
  • Ekwueme C.M., Egbunike P.A., Amara D. (2012): An Empirical Assessment of the Operational Efficiency of Electronic Banking: Evidence of Nigerian Banks. "Review of Public Administration and Management", Vol. 1(2), pp. 108-137.
  • Fenuga O.J., Oladejo R.K. (2010): The Effect of Electronic Payment on Customer Service Delivery in Nigerian Banks. "International Journal of Economic Development Research and Investment", Vol. 1(1), pp. 227-239.
  • Hewer P., Howcroft B. (1999): Consumers' Distribution Channel Adoption and Usage in the Financial Services Industry: A Review of Existing Approaches. "Journal of Financial Services Marketing", Vol. 19(6), pp. 222-231.
  • Howcroft B., Hamilton R., Hewer P. (2002): Consumer Attitude and the Usage and Adoption of Home-Based Banking in the United Kingdom. "The International Journal of Banking Marketing", Vol. 20(3), pp. 111-121.
  • Humphrey D.B., Kim M., Vale B. (2001): Realizing the Gains from Electronic Payments: Cost, Pricing, and Payment Choice. "Journal of Money, credit and Banking", Vol. 33(2), pp. 216-234.
  • Idris A.A., Olumoko T.A., Ajemunigbohun S.S. (2013): The Role of Information Technology in Customers' Service Delivery and Firm Performance: Evidence from Nigeria's Insurance Industry. "International Journal of Marketing Studies", Vol. 5(4), pp. 59-71.
  • Ikupolati M. (2008): Principles and Practice of Insurance Marketing - The PMI Approach. Nigerian Insurers Association, Lagos.
  • Kaleem A., Ahmad S. (2008): Banker's Perceptions of Electronic Banking in Pakistan. "Journal of Internet Banking and Commerce", Vol. 13(1), pp. 1-16.
  • Kiang M.Y., Raghu T.S., Hueu-Min S.K. (2000): Marketing on the Internet - Who Can Benefit from an Online Marketing Approach? "Decision Support Systems", Vol. 27 (4), pp. 383-393.
  • King C. (1992): Agents/Policy owners split on service. "National Underwriter" October, Vol. 41(7), pp. 1-8.
  • Lee Z.Y., Yu H.C., Kuo P.J. (2001): An Analysis and Comparison of Different Types of Electronic Payment Systems. "Portland International Conference on Management of Engineering and Technology, PICMET' 01", Vol. 2, Supplement, pp. 38-45.
  • Lim B., Lee H., Kurning S. (2007): Exploring the Reasons for a Failure of Electronic Payment Systems: A Case Study of an Australian Company. "Journal of Research and Practice in Information Technology", Vol. 39(4), pp. 231-243.
  • Lovelock C., Wright, L. (1999): Principles of Service Marketing and Management. Upper Saddle River, New York.
  • Min H., Gallen W.P. (1999): Electronic Commerce Usage in Business-to-Business Purchasing. "International Journal of Operations and Production Management", Vol. 19(9), pp. 909-921.
  • Moses-Ashike H. (2012): FCMB Lists Factors for Successful Implementation of e-Payment. "Business Day", November, 21, http://digitalidentitymanagemenet.blogspot.com/ 2012/11/fcmb-lists-factors-for-successful.html (access: 19.04.2015).
  • Nigerian Insurers Association (2013). Nigeria Insurance Report.
  • Nnaka P. (2009): The Nigeria e-Payment System. "Nigeria Monthly", Vol. 4(8), pp. 25-27.
  • Nwankwo S.I., Ajemunigbohun S.S. (2013): Customer Relationship Management and Customer Retention: Empirical Assessment from Nigeria's Insurance Industry. "Business and Economics Journal", Vol. 4(2), http://www.omicsonline.com/open-access/ customer-relationship-management-and-customer-retention-empirical-assessmentfrom- nigerias-insurance-industry-2151-6219-4-081.php?aid=20361 (access: 28.07.2013).
  • Nwankwo S.I., Durowoju S.T. (2011): Customers' Evaluation of the Quality of Insurance Services in Lagos, Nigeria. "International Journal of Business and Management", Vol. 6(10), pp. 265-272.
  • Oghojafor B.E.A., Aduloju S.A., Olowokudejo F.F. (2011): Information Technology and Customer Relationship Management (CRM) in Some Selected Insurance Firms in Nigeria. "Journal of Economic and International Finance", Vol. 3(7), pp. 452-461.
  • Oladejo M., Akanbi T. (2012): Banker's Perceptions of Electronic Banking in Nigeria: A Review of Post Consolidation Experience. "Research Journal of Finance and Accounting", Vol. 3(2), pp. 1-11.
  • Organization for Economic Co-operation and Development (2006): Online Payment Systems for e-commerce. Digital Economy Papers, No. 117, Directorate for Science, Technology and Industry Committee for Information, Computer and Communications Policy, April 18, pp. 1-55.
  • Otiso K.N. (2012): Effect of Perceived ICT Payment System on Customer Satisfaction at the Kenya Power and Lighting Company. "Journal of Emerging Trend in Economics and Management Science", Vol. 3(4), pp. 398-402.
  • Pagano P.R. (1994): Understanding Statistics in the Behavioural Sciences. 4th ed. West Publishing Company, Eagan, MN.
  • Ray G., Muhanna W.A., Barney J.B. (2005): Information Technology and Performance of the Customer Service Process: A Resource-Based Analysis. "MIS Quarterly", Vol. 29(4), pp. 625-652.
  • Stan M. (1997): Telebanking: The Thing in Britain. "Weekend Concord", Saturday, May, 19.
  • Suganthi B., Balachandran P. (2001): Internet Banking Patronage: An Empirical Investigation of Malaysia. "Journal of Internet Banking and Commerce", www.arraydebv.com/ commerce/jibc/0103_01.htm (access: 21.02.2015).
  • Sumanjeet S. (2009): Emergence of Payment Systems in the Age of Electronic Commerce: The State of Art. "Asia Pacific Journal of Finance and Banking Research", Vol. 3(3), pp. 18-40.
  • Tahir T., Abass K. (2013): Assessment of Risks Involved in Electronic Payment Systems. "International Journal of Science and Research", Vol. 2(8), pp. 406-412.
  • Taylor S.A., Celuch K., Goodwin S. (2002): Technology Readiness in the e-insurance Industry: An Exploratory Investigation and Development of an Agent Technology e-consumption Model. "Journal of Insurance Issues", Vol. 25(2), pp. 142-165.
  • Tennyson O., Mercy O.E. (2014): E-payment System and Its Sustainable Development in the Nigerian Economy. "European Journal of Business and Management", Vol. 6(8), pp. 48-56.
  • Thornton J., White L. (2001): Customer Orientations and Usage of Financial Distribution Channels. "Journal of Services Marketing", Vol. 15(3), pp. 168-185.
  • Toran D. (1993): Quality Service (Quality Everything). "LIMRA'S Market Facts", Vol. 12(3), pp. 10-11.
  • United States Agency International Development (2012): Standards and Practices Reports for Electronic and Mobile Payments. Global Broadband and Innovation, US.
  • Walker J., Baker J. (2000): An Exploratory Study of Multi-Expectation Framework for Services. "Journal of Service Marketing", Vol. 14(5), pp. 411- 431.
  • Zulu B. (2006): E-payment a Challenge for Africa. http://breadait.blogspot.com/2006/ 03/e-payment-challenge-for-africa.html (access: September 2014).
Document Type
Publication order reference
Identifiers
ISSN
1732-1948
YADDA identifier
bwmeta1.element.cejsh-334ddd10-0381-471e-b792-b7d2bccc0b55
JavaScript is turned off in your web browser. Turn it on to take full advantage of this site, then refresh the page.