Chapter One — 1.1 Background to the Study

Data-Driven Decision Making has increasingly attracted the attention of researchers, regulators, and practitioners concerned with decision-making quality. This growing interest reflects the recognition that data-driven decision making does not operate in isolation, but interacts with a wider set of institutional and market conditions found within Selected Insurance Companies in Nigeria.

Within the context of Selected Insurance Companies in Nigeria, this relationship carries particular significance. Organizations in this setting operate under a distinct combination of economic, regulatory, and market conditions that may amplify or dampen the effect of data-driven decision making on decision-making quality, making a context-specific inquiry both timely and necessary.

1.2 Statement of the Problem

Despite a growing body of literature on data-driven decision making, there remains limited consensus on the precise nature of its relationship with decision-making quality, particularly within Selected Insurance Companies in Nigeria. Many organizations continue to make decisions about data-driven decision making without a clear, evidence-based understanding of how those decisions ultimately affect decision-making quality. This gap between practice and empirical understanding is the central problem this study seeks to address.

1.3 Objectives of the Study

1. To examine the effect of Data-Driven Decision Making on decision-making quality in Selected Insurance Companies in Nigeria.
2. To assess the extent to which data-driven decision making influences decision-making quality within the study area.
3. To identify the challenges associated with data-driven decision making in relation to decision-making quality.
4. To recommend strategies for optimizing data-driven decision making in order to improve decision-making quality.

1.4 Research Questions

1. What is the effect of data-driven decision making on decision-making quality in Selected Insurance Companies in Nigeria?
2. To what extent does data-driven decision making influence decision-making quality within the study area?
3. What challenges are associated with data-driven decision making in relation to decision-making quality?
4. What strategies can be adopted to optimize data-driven decision making in order to improve decision-making quality?

1.5 Significance of the Study

This study is significant to a range of stakeholders. For policymakers and regulators, the findings offer evidence to guide the design of frameworks that support healthier outcomes around decision-making quality. For managers and practitioners within Selected Insurance Companies in Nigeria, the study provides practical insight into how data-driven decision making can be better managed. Finally, it contributes to the academic literature on business analysis by extending existing knowledge into a specific empirical context, and offers a reference point for future researchers.

1.6 Scope of the Study

In terms of scope, this PhD study confines itself to Selected Insurance Companies in Nigeria, focusing specifically on how data-driven decision making relates to decision-making quality within that setting. Findings are interpreted within these boundaries rather than as universal claims applicable to every organization or market.