GREEN MARKETING AND PRODUCT INNOVATION IN INSURANCE: CASE STUDIES OF NIGERIAN INSURERS

Noah Gbenga Alli
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Noah Gbenga Alli: Federal Polytechnic Offa, Offa, Nigeria

Management and Marketing Journal, 2025, vol. XXIII, issue 2, 291-314

Abstract: This study examines the integration of green marketing strategies and product innovation within the Nigerian insurance sector. Through a quantitative survey of 247 insurance professionals, the research explores how environmental sustainability initiatives influence product development, market positioning, and organizational performance. The findings reveal a moderate but uneven adoption of green marketing, with insurers prioritizing operational efficiencies like digitalization over market-facing product innovations. Statistical analysis demonstrates a significant positive relationship between green marketing practices and product innovation, which in turn correlates with enhanced market and environmental performance, particularly in brand reputation and operational efficiency. However, the study identifies substantial barriers to broader implementation, including low customer awareness, limited willingness to pay for green products, resource constraints, and an underdeveloped regulatory framework. This research contributes to the literature on green marketing in developing economies by providing empirical evidence of its strategic value and identifying the critical constraints hindering the sustainability transition in Nigeria's insurance industry.

Keywords: Green Marketing; Product Innovation; Insurance; Sustainability; Organizational Performance (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:aio:manmar:v:xxiii:y:2025:i:2:p:291-314

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