International Journal of Sub-Saharan African Research (IJSSAR)

Background: Brand equity as a marketing concept places premium on emotional connection with a brand in a competitive business environment where value addition is important. One of the goals of brand equity is to create premium value and make the brand an important asset.
Objective: This investigated relevance of building brand equity and its influence on the patronage of insurance products in Lagos state, Nigeria.
Method: Through a conceptual review of extant literature, the role of brand equity and its relationship with insurance patronage as well as moderating factors affecting effective brand equity in the Nigerian insurance industry were assessed.
Result: Findings show that low patronage of insurance products is attributable to poor brand equity of insurance companies evident in poor awareness, negative brand image, and lack of trust.
Conclusion: The paper, concludes that the insurance companies studied have not evolved strategies that would directly stimulate and have direct impact on their brand equity and regulatory authorities have not done enough in instituting regulatory frameworks that would boost the patronage of insurance products in Nigeria.
Unique Contribution: The study has provided fresh insights that would help insurance companies understand the imperative of maintaining brand resources as well as device strategic approaches towards building suitable brand distinctiveness that will boost the patronage of insurance products in Nigeria.
Key Recommendation: Insurance companies should evolve a conscious approach towards building brand equity that would boost patronage of insurance products on sustainable basis.