Folake Olowokudejo - Academia.edu (original) (raw)

Papers by Folake Olowokudejo

International Journal of Management and Business Research, 2013

The main objective of this study is to find out if organizational characteristics intervene in th... more The main objective of this study is to find out if organizational characteristics intervene in the relationship between CRM and organizational performance in the Nigerian insurance industry. Relevant literature was reviewed and a model consisting of fourteen variables was conceptualized and tested by means of empirical data collected through a questionnaire. A total of one hundred and eighty (180) copies of questionnaires were administered, one hundred and forty nine (149) copies were duly completed and returned. This represents a response rate of 82.78%. Partial correlation was used to test the hypothesis. Findings show that organizational characteristics (companies' image and branch network) intervene in the relationship between CRM and organizational performance in the Nigerian insurance industry. The study also shows that the strength of the intervention of companies' image is stronger than that of branch network. The study recommended that insurance companies should pay attention to their companies' image and branch network as these constitutes the 'tangibles' which customers can use to judge the likely performance of the organization.

Journal of US-China public administration, Sep 30, 2010

The purpose of this paper is to find out people's perception of motorcycle insurance while co... more The purpose of this paper is to find out people's perception of motorcycle insurance while comparing the perceptions of insurance companies' staff with that of their customers (the motorcyclists), and also find out the major causes of motorcycle accidents in Nigeria. A total of 140 respondents were sampled using the questionnaire. The kolmogorov smirnov test was used to test the hypothesis. Findings show a general negative perception of insurance services by the motorcyclist and a large disparity in the responses of the motorcyclists and the insurance companies' staff. The major causes of motorcycle accidents are also found to be over speeding, carelessness and poor driving skills.

International Journal of Business Administration, Mar 14, 2012

There is a growing interest in the way products are eliminated in order to prevent purchase disco... more There is a growing interest in the way products are eliminated in order to prevent purchase discontinuity. The authors present an empirical study on the ways products are eliminated in the Nigerian insurance industry. Specifically, the papers examined the factors normally considered before elimination decisions are taken, and the key problems encountered during elimination stages. The data obtained from thirty-four insurance companies through a structured questionnaire were analyzed and a ranking of the variables relevant to the elimination process was provided. The kolmogorov-smirnov test was used to test the formulated hypotheses. Government policies and regulations as well as operational problems are the most important factors leading to elimination process. The paper also reports that the most difficult problem encountered during the elimination process is maintaining customer's goodwill.

Journal of economics and international finance, Jul 31, 2011

In this study, we explore the question of how IT could enhance firm performance in the areas of c... more In this study, we explore the question of how IT could enhance firm performance in the areas of customer's service and organization's profitability in the Nigerian insurance industry. To draw our sample size of 90, 30 insurance companies were randomly selected from the 49-member insurance umbrella body, the Nigerian Insurers Association. Each company received 3 copies of the questionnaire meant for the IT manager, marketing manager and underwriting manager, respectively, making a total of 90. We proposed 3 hypotheses which were tested with the aid of Komolgorov-Smirnov test. Our findings show that while most companies have a comprehensive data base of their customers, not all make provisions for their customers to make major transactions online because they have not fully integrated their customer relationship management with information technology. We also find out that effective combination of customer relationship management with information technology leads to improved customer service and organization's profitability.

The Journal of Risk Finance, May 24, 2011

Purpose-The purpose of this paper is to present a theoretical and empirical relationship between ... more Purpose-The purpose of this paper is to present a theoretical and empirical relationship between corporate social responsibility (CSR) and some dimensions of organizational effectiveness (OE) of insurance companies in Nigeria. Design/methodology/approach-Data were obtained from a field survey in insurance companies in Lagos using structured questionnaires. Responses from the survey were statistically analyzed using descriptive statistics and Pearson product moment correlation. Findings-Results of the study indicated that insurance companies are involved in all four forms of CSR activities (business ethics, urban affairs, consumer affairs and environmental affairs) with consumer affairs receiving the most active involvement. The study indicated that OE of the participating insurance companies is to a large extent satisfactory. However, involvement in CSR was found to correlate positively with OE. Research limitations/implications-The study also indicated that insurance companies still suffer from the lack of awareness, unavailability of information to identify the needs of a developing society, lack of qualified workforce and adverse economic factors that prevent them from performing CSR activities. Originality/value-From a practical perspective, the study is needed to assess if investments in CSR is worthwhile or not.

DOAJ (DOAJ: Directory of Open Access Journals), Aug 1, 2022

African Journal of Marketing Management, Nov 30, 2011

The main objective of this study is to find out if there is any relationship between customer foc... more The main objective of this study is to find out if there is any relationship between customer focused services and customer satisfaction in the Nigerian insurance industry. Relevant literature was reviewed and a model consisting of four variables was conceptualized and tested by means of empirical data collected through a questionnaire survey. A total of one hundred and eighty (180) copies of questionnaires were administered, one hundred and forty nine (149) copies were duly completed and returned. This represents a response rate of 82.78%. The research instruments were validated and a pilot study was also carried out to test the reliability of the measures. The Cronbach alpha level is above the required 0.70. Spearman rank correlation and partial correlation were used to test the hypotheses. Findings show that there is a positive relationship between customer focused and customer satisfaction in the Nigerian insurance industry. Findings also show that commitment to the use of customer focused services lead to customer satisfaction in the Nigerian insurance industry. The study recommended that insurance companies should pay more attention to designing product and services that are focused at the customer.

Employees' Commitment has attracted a lot of research attention from both the academia and indust... more Employees' Commitment has attracted a lot of research attention from both the academia and industry and bourgeoning literature has resulted therefrom. While the literature has documented many correlates of organisational commitment, little attention however has been paid to understanding the relationship between corporate ethical values and organisational commitment. Contextually, the effects of corporate ethical values on employees' commitment in organisational settings have been relatively understudied. This is particularly so in the financial industry and insurance sub-sector where ethical dilemma has been widely reported. Considering the nature of insurance services, and high potential for ethical dilemma, this study contributes to organisational commitment literature and expands the frontiers of knowledge by providing further empirical results on the impact of corporate ethical values on organisational commitment in Nigeria. Through the lenses of cognitive dissonance theory, the study proposes a significant relationship between the two constructs. Further, while controlling for some demographic factors, corporate ethical values were hypothesised as a significant determinant of organisational commitment. Data were collected from 415 managers in the insurance industry through Hunt's et al. (1989) Corporate Ethical Value and Hunt's et al. (1985) organisational commitment scales and analysed with the aid of the Statistical Package for Social Science (SPSS) version 18. The results of the multivariate analysis were then presented, and discussed with managerial implications.

Studia Universitatis Babes-Bolyai Oeconomica

Claims, being the heartbeat of the workability of insurance, are the most critical contact influe... more Claims, being the heartbeat of the workability of insurance, are the most critical contact influencer between the insuring public and the insurer. It serves as a critical path to truth that shapes the policyholders’ ultimate perceptions of their insurers. Therefore, this study aimed at evaluating the relationships between claims settlement and risk attitudes, with specific reference to motor insurance policyholders in Lagos, Nigeria. The study adopted a cross-sectional survey research design. A survey based questionnaire was applied to 287 motor insurance policyholders. The findings-show that claims settlements are significant in attracting reasonable risk attitudes. The study recommends that motor insurance providers should put in place fascinating claims packages in order to boost the confidence level of the motoring communities. Government should rejuvenate and empower the motor insurance public complaint commission to address issues relating to motor insurance claims of either p...

Academic Journals, Jul 31, 2011

Information technology (IT) has been regarded as an enabler of business process. Despite the sign... more Information technology (IT) has been regarded as an enabler of business process. Despite the significant progress made in IT business-value research, findings have been mixed and inconsistent. This study aims at finding out if IT resources per se can account for variations in customer service performance among insurance companies in Nigeria. Using primary data obtained through field survey of 402 insurance companies in Nigeria, three hypotheses were tested with the aid of ordinary least square regression. Results show that all the three components of IT namely, IT infrastructure, IT technical skills and IT spending have weak relationship with customer service performance. This study recommends that in order to realise benefits from IT investments, IT resources must be accompanied by a judicious mix of management, economic, and human resources.

International Journal of Management and Business Research, 2012

This study draws attention to the ubiquitous and borderless nature of cybercrime. It examines the... more This study draws attention to the ubiquitous and borderless nature of cybercrime. It examines the prospect of introducing customized cyber insurance policy in the Nigerian market. As secondary data was not available, the study conducted a survey by administering three sets of questionnaire to purposively selected top executives in four Trade Groups that rely heavily on Internet transactions for their operations. The study found that the rate of usage of the Internet and the attendant exposures to cyber-attacks among the various Trade Groups are quite high. Findings also show that the traditional policies have limitations with respect to protection against cyber risks and that there is a prospect for marketing a specifically designed cyber insurance policy in Nigeria.

Employees’ Commitment has attracted a lot of research attention from both the academia and indust... more Employees’ Commitment has attracted a lot of research attention from both the academia and industry and bourgeoning literature has resulted therefrom. While the literature has documented many correlates of organisational commitment, little attention however has been paid to understanding the relationship between corporate ethical values and organisational commitment. Contextually, the effects of corporate ethical values on employees’ commitment in organisational settings have been relatively understudied. This is particularly so in the financial industry and insurance sub-sector where ethical dilemma has been widely reported. Considering the nature of insurance services, and high potential for ethical dilemma, this study contributes to organisational commitment literature and expands the frontiers of knowledge by providing further empirical results on the impact of corporate ethical values on organisational commitment in Nigeria. Through the lenses of cognitive dissonance theory, th...

Academic Journals, Oct 31, 2011

Purpose: To determine the cost-effectiveness of fulvestrant 250 mg compared to 500 mg in postmeno... more Purpose: To determine the cost-effectiveness of fulvestrant 250 mg compared to 500 mg in postmenopausal women with estrogen receptor-positive metastatic breast cancer and disease progression after antiestrogen therapy. Methods: A Markov model was constructed to find the incremental cost-effectiveness of fulvestrant 250 mg monthly when compared with the 500 mg monthly in patients with progression after antiestrogen therapy. The model duration was 24 months. Clinical efficacy data inputs were derived from a phase III clinical trial demonstrating a statistically significant increase in progression-free survival in patients receiving 500 mg versus 250 mg. Cost data utilized were all relevant Ambulatory Payment Classification payment rates from the 2011 Medicare Outpatient Prospective Payment System. A Monte Carlo simulation was performed to test the model at various willingness to pay thresholds. Results: The incremental cost-effectiveness ratio as determined by the Markov model was US$10,972 per month of progression-free survival for the 500 mg dose compared with the 250 mg dose. Using a Monte Carlo simulation, it was found that 500 mg monthly was cost-effective at and above the willingness to pay threshold of US$15,000 per month. A series of one-way sensitivity analyses showed this result is robust to geographical practice variations in costs of drug administration and physician examination. Conclusion: From a third party payer perspective, the value of fulvestrant 500 mg monthly is dependent on the willingness to pay threshold. Despite a labeling change for fulvestrant in September 2010, fulvestrant 250 mg monthly appears to be a viable option in the target population.

Banking and insurance industries are major components of every national economy and they contribu... more Banking and insurance industries are major components of every national economy and they contribute immensely to the development of the economy. The objective of this study is to ascertain whether there is a relationship between complaints management and organizational performance in Nigerian Banks and Insurance companies. The variables of this study are complaints management, customer satisfaction, customer retention, increase in profit and increase in number of customers. The sampling frame consists of all the customers of the entire forty seven (47) recapitalized insurance companies and twenty five (25) banks in Nigeria. Five hundred and sixty (560) questionnaires were given out, 499 copies were returned. This represents a response rate of 89.11%. Nonparametric statistics tools were used to analyze the data generated and the hypothesis was tested using the spearman rank correlation coefficient. A pilot study was carried out and the Cronbach alpha levels were above the required 0....

The aim of this study is to examine the effect of Enterprise Risk Management (ERM) onfinancial pe... more The aim of this study is to examine the effect of Enterprise Risk Management (ERM) onfinancial performance of the non-financial quoted companies in Nigeria, using thefollowing financial performance parameters: shareholder value, profit margin ratio, andmanagement efficiency. Secondary data were obtained from all the thirty-threecompanies, which is the total population of all active non-financial companies quoted onthe Nigerian Stock Exchange, and the various compliance elements of ERM practices andfinancial performance indicators were identified and examined. Regression analysis wasadopted to examine the effect of ERM on the performance of non-financial quoted firms.The findings showed that ERM implementation status has positive significant effect onshareholder value (β = 0.788, p-value < 0.05), profit margin ratio (β = 0.723, p-value <0.05), and management efficiency (β = 0.817, p-value < 0.05) of non-financial quotedfirms in Nigeria. It is therefore concluded that the imp...

The South East Asian Journal of Management

This study examines hazard perception effects on the demand for insurance with special focus on m... more This study examines hazard perception effects on the demand for insurance with special focus on motorcycle riders in Lagos state. For this purpose, the researchers have been able to examine selected hazard perception determinants and their effects on the insuring attitude and desire of motorcycle riders. An explanatory research design was employed and a convenience sampling type of the nonprobability sampling technique was adopted. Data was gathered by interviews conducted at motorcycle parks along the Lagos-Badagry expressway. The sample consisted of 126 respondents made up of commercial motorcycle riders within the sample areas. Data collected was analysed using multiple regression technique. The study was able to establish some level of contributory linkage between hazard perception and demand for motorcycle insurance. The findings show that while dread and trust both appeared to have significant effect, publicity and controllability both have positive contributory effect; furthermore, choice expressed an inverse relationship with demand for insurance among the motorcycle riders. The study therefore recommends pre-loss and post-loss measures among the motorcycle riders so that unforeseen motorcycle risks can be managed. Also, insurance companies should endeavour to invest more on enlightening the motorcycle riders in order to lessen their dread of loss outcome, and thus, design policy that can instil trust in motorcycle riders in insurance as a loss control measure.

European Journal of Business and Management, 2014