IMPACT OF ADOPTION OF INDUSTRY 4.0 ON JOBS CREATION OF INSURANCE COMPANIES IN NIGERIA

Abstract

This quantitative study dives into the link between the adoption of Industry 4.0 and job creation within Nigeria's insurance sector, adopting a complex research approach spanning cross-sectional and survey research methodologies. The research casts a wide net, pulling from a sizable population of 504 management individuals gathered from 56 insurance companies operating in Nigeria. To verify the representativeness of the sample, the study meticulously utilises Taro Yamane's technique for limited populations, resulting in a precisely selected sample size of 228. In a proactive attempt to eliminate potential biases and reinforce the trustworthiness of the findings, the sample size is further enlarged by 20%, thereby resolving problems such as non-response and data adequacy. Through a comprehensive evaluation of 208 precisely answered questionnaires, the study exposes strong data underlining the large and favourable influence of Industry 4.0 adoption on job creation within the Nigerian insurance environment. These findings throw a spotlight on the transformational potential of technology breakthroughs, demonstrating their important role in not just providing job possibilities but also in encouraging sustainable long-term growth within the industry. By putting light on the symbiotic link between technology adoption and employment generation, the study provides vital insights to the conversation around the digitization of the insurance business in Nigeria. Moreover, the study's extensive research design and rigorous methods provide weight to its findings, increasing trust in the validity and generalizability of the conclusions. Overall, this study serves as a clarion call for stakeholders within the Nigerian insurance sector to embrace Industry 4.0 technologies as catalysts for driving positive socio-economic change, fostering innovation, and nurturing a vibrant ecosystem conducive to job creation and sustainable development.