EFFECT OF ADOPTION OF INDUSTRY 4.0 ON INSURANCE PENETRATION IN NIGERIA

Abstract

This quantitative analysis digs into the dynamics of how Industry 4.0 adoption affects insurance protection in Nigeria. Using a rigorous research strategy that includes both cross-sectional and survey approaches, the study methodically explores the complicated link between the adoption of Industry 4.0 technologies and the level of insurance market development in Nigeria. The study methodically created a sample size of 228 using Taro Yamane's formula for finite populations, drawing from a thorough population pool of 504 management personnel from 56 Nigerian insurance businesses. To account for potential biases and uncertainties, the initial sample size was raised by 20% guaranteeing a strong representation of the target population. Finally, the study was based on data from 208 properly completed surveys, with a remarkable 78% response rate. Within this rigorously created study framework, the data provide a compelling story, pointing to a palpable and statistically significant impact of the adoption of Industry 4.0 technology on Nigeria's booming insurance market. These findings highlight technological innovation's transformative potential in improving the accessibility, efficiency, and overall efficacy of insurance services in Nigeria, laying the groundwork for informed policy interventions and strategic industry initiatives aimed at fostering long-term growth and development in the Nigerian insurance sector.