Date of Conferral

5-5-2025

Date of Award

May 2025

Degree

Doctor of Business Administration (D.B.A.)

School

Business Administration

Advisor

Cheryl Waters

Abstract

Nigerian insurance leaders face significant challenges in developing a sustainable microinsurance sector. Despite subsidies from governments and donors aimed at increasing demand, microinsurance operators struggle to expand and sustain their customer base, posing a critical challenge for industry leaders. Grounded in the cumulative prospect theory, the purpose of this qualitative multiple-case study was to explore strategies some insurance leaders in Nigeria use to grow and sustain business demand for microinsurance products. The participants were five insurance leaders in Nigeria who had employed successful strategies to develop and sustain business demand for microinsurance products. Data were collected using semistructured interviews and technical microinsurance documents. Through thematic analysis, three themes emerged: leveraging complementary partnerships, direct marketing, and agency networks; enhancing internal policies and processes; and addressing implementation challenges and participants’ reactions. A primary recommendation is that insurance leaders actively seek government support to develop financial awareness initiatives that will reduce public resistance to microinsurance. The implications for positive social change include developing the potential for suitable and sustainable microinsurance products that protect the income and wealth of society’s vulnerable groups from specific risk types, including health, life, property, and agriculture.

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