INVESTIGATING TOTAL QUALITY MANAGEMENT PRACTICES AND PERFORMANCE OF INSURANCE COMPANIES IN ABUJA, NIGERIA.

Abstract

The goal of the study was to look into and critically evaluate the influence of total quality management on the performance of insurance companies in Nigeria. The research used a descriptive research survey to examine TQM tactics and emergent challenges that hampered their implementation in the Nigerian insurance sector. The study's population consists of all 58 insurance firms listed in the National Insurance Commission's (NAICOM) registration as of December 2020. The study designed two forms of 5-points likert-scale questionnaires for the managers and customers. Only 47 forms were completed and returned in the end. The research model was estimated using regression analysis. Total quality management does not appear to have a major impact on the premium performance of insurance companies, according to the findings of the study. In today's fast-paced competitive world, businesses must become more nimble and adaptable. Firms are frequently able to achieve a particular level of performance based on existing technologies, but they are equally as often caught off guard by emerging, unique technologies. We came to the conclusion that total quality management should be implemented in all aspects of insurance companies, from top to bottom, with a focus on quality, which is the hallmark of long-term market competitive advantages.