THE ROLE OF PRODUCT, PROCESS, AND MARKET INNOVATION IN DRIVING THE GROWTH AND SUSTAINABILITY OF MICRO-INSURANCE BUSINESSES IN NIGERIA

This study investigates the impact of innovation on the growth of micro-insurance businesses in Nigeria, focusing on product, process, and market innovation. Employing a descriptive research design, data were collected from 228 employees of five selected insurance companies using structured questionnaires. Descriptive and inferential statistics, including multiple regression analysis, were employed to examine the relationship between innovation dimensions and micro-insurance growth. The findings reveal that all three innovation types significantly influence business growth, with process innovation exhibiting the strongest effect, followed by market and product innovation. The study underscores the importance of innovation-driven strategies in enhancing operational efficiency, customer acquisition, and market penetration in the Nigerian micro-insurance sector. Policy implications include the need for regulatory incentives, digitalization of operations, and expansion of distribution channels to promote financial inclusion and sustainable growth. The study contributes to the theoretical understanding of innovation-led growth and provides empirical evidence for policymakers and industry stakeholders.