DIGITAL ADVERTISING EFFECTIVENESS AND LIFE ASSURANCE UPTAKE AMONG URBAN CONSUMERS: EVIDENCE FROM LAGOS, NIGERIA

ABSTRACT In Nigeria the issue of taking life assurance policy has been neglected in the sense that at this presence time. It is estimated that not up to two percent (5%) of Nigerians own life assurance policies due to poor education and inappropriate advertising strategies. For this fact, the benefits and role life assurance plays in this country is being viewed from a very crooked point thereby making it slightly visible. This study therefore focuses on digital age advertisement strategies in the sales of life assurance policies in Nigeria. The population of the study comprises life assurance companies operating in Lagos State, Nigeria. A sample size of one hundred and twenty (120) respondents was selected for the study. Out of this, one hundred (100) copies were found useful for data analysis. The researcher used primary data were used for this study. A five-Likert scale questionnaire was the main research instrument for data collection. The data was analyzed through descriptive statistics and the hypotheses were tested using Ordinary Least Square regression and an OLS ANOVA method. The study concluded that new-age advertising is an important component of marketing strategy for life assurance companies to build brand recognition and promote products to diverse audiences. Data and findings from the study indicate that digital age advertising approaches tend to be more effective at reaching customers than conventional methods, especially younger demographics. Based on the findings from the study, the researcher recommends that Life assurance firms should allocate meaningful portions of their budgets to new-age advertising strategies, especially social media, mobile, and streaming channels. Detailed audience segmentation and targeting is important for success. Ads need to be tailored and delivered based on consumer interests and context as discussed in the paper.