EFFECT OF TECHNOLOGICAL INNOVATION IN ENHANCING OPERATIONAL EFFICIENCY AND CUSTOMER SATISFACTION IN NIGERIA INSURANCE COMPANIES
Abstract
The study examines the effect of technological innovation in enhancing
operational efficiency and customer satisfaction of insurance companies in Nigeria.
The objectives of the study is to examine the effect of technological innovation on
operational efficiency and customer satisfaction in Nigeria Insurance Companies.
A descriptive research design was employed, and a target population of 100
respondents was used, from which a sample size of 80 was chosen regression
statistical analysis was used to test the formulated hypotheses. The results indicate
that there is significant effect of technological innovation on operational efficiency
of insurance companies in Nigeria This implies that the adoption of modern
technologies such as digital platforms, automated processing systems, and data
analytics greatly enhances the speed, accuracy, and overall effectiveness of internal
operations within these organizations. Furthermore, the study’s findings revealed
that there significant effect of technological innovation on customer satisfaction of
insurance companies in Nigeria. This indicates that the integration of advanced
technologies such as digital claims processing, mobile apps, chatbots, and online
customer support greatly improves the overall customer experience. These
innovations enhance service speed, accessibility, and accuracy, allowing customers
to interact with insurers more conveniently and efficiently. The study concluded
that insurance companies embracing technological innovation not only improve
their operational performance but also strengthen customer loyalty and competitive
positioning in the industry. The study recommends Insurance companies should
invest continuously in modern technologies like digital platforms and automated
systems to enhance operational efficiency and reduce errors
Keywords: Technological Innovation, Operational Efficiency, Customer Satisfaction,
Insurance
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