Customer Relationship Management (CRM) practices are business strategies designed to reduce costs and increase profitability by solidifying customer loyalty. With intense competition among insurance companies in Ghana, this study sought to assess Customer Relationship Management practices and Customer Retention in NSIA Insurance. The study was conducted to identify critical factors necessary for customer retention in carrying out customer relationship management practices in the selected insurance company and to develop effective customer relationship management practices to manage customer retention for sustainability within the insurance industry using NSIA Insurance as a case study. Well structured questionnaires and face-to-face interview were the methods adopted for the investigation of the study. A sample size of 40 respondents was considered, they were made up of customers and the staff who are fully involved in customer relationship management of the insurance company. Data collected from the completed questionnaires and the interviews were grouped into frequency tables and expressed in percentages. The researcher relied on the SPSS in interpreting the collected data. The study shows that even though NSIA insurance has policies on customer relationship management practices, these policies are not carried out fully to accomplish the ultimate goal of customer retention. The study recommends that for the insurance company to command an adequate number of loyal customers, NSIA Insurance should consistently improve on its quality of service to address the preference of the customers and consider the five service quality constructs of reliability, assurance, tangibility, empathy and responsiveness.
Table of Contents
- Chapter One: General Introduction
- 1.1 Background of the Study
- 1.2 Problem Statement
- 1.3 Research Objectives
- 1.4 Research Questions
- 1.5 Significance of the Study
- 1.6 Scope of the Research
- 1.7 Limitations of the Study
- 1.8 Structure of the Research
- Chapter Two: Literature Review
- 2.1 Customer Relationship Management
- 2.1.1 Component of Customer Relationship Management
- 2.2 Customer Retention
- 2.2.1 Components of Customer Retention
- 2.2.2 Benefits of Customer Retention
- 2.2.3 Inertia as a determinant of Customer Retention
- 2.2.4 High Switching Costs Promotes Customer Retention
- 2.3 Technology
- 2.3.1 Importance of Data
- 2.3.2 Internet
- 2.3.3 Electronic Customer Relationship Management (E-CRM)
- 2.4 Customer Recognition
- 2.4.1 Types of Information Needed for Customer Recognition
- 2.4.2 Feedback and Response
- 2.4.3 Loyalty Programs
Objectives and Key Themes
This study assesses Customer Relationship Management (CRM) practices and customer retention at NSIA Insurance in Ghana. The main objective is to identify critical factors for customer retention within the company's CRM practices and to develop effective CRM strategies for sustainable customer retention within the insurance industry using NSIA Insurance as a case study. The research uses questionnaires and interviews to gather data from customers and staff.
- Customer Relationship Management (CRM) practices in the insurance industry.
- Factors influencing customer retention.
- The role of technology in CRM and customer retention.
- The importance of customer recognition and feedback.
- Development of effective CRM strategies for sustainable customer retention.
Chapter Summaries
Chapter One: General Introduction: This chapter sets the stage for the research by providing background information on customer relationship management and customer retention within the competitive Ghanaian insurance market. It clearly defines the problem statement, highlighting the need to understand how NSIA Insurance can improve its CRM practices to enhance customer retention. The chapter outlines the research objectives, questions, and scope, specifying the limitations of the study and detailing the structure of the research report itself. It establishes the context and rationale for the subsequent investigation into NSIA Insurance’s CRM and customer retention strategies.
Chapter Two: Literature Review: This chapter provides a comprehensive review of existing literature on customer relationship management (CRM), customer retention, and the role of technology in these processes. It explores various components of CRM, including the significance of data and the use of the internet and e-CRM systems. The chapter delves into the importance of customer recognition and feedback mechanisms such as loyalty programs. The review synthesizes existing knowledge to lay a theoretical foundation for understanding the key concepts and their interrelationships within the context of the study's focus on the insurance sector in Ghana. This groundwork allows for the informed design and interpretation of the empirical research conducted later in the study.
Keywords
Customer Relationship Management (CRM), Customer Retention, Insurance Industry, Ghana, NSIA Insurance, Service Quality, Technology, E-CRM, Customer Recognition, Loyalty Programs, Data Analysis.
Frequently Asked Questions: Comprehensive Language Preview of CRM and Customer Retention at NSIA Insurance
What is the main topic of this research?
This research assesses Customer Relationship Management (CRM) practices and customer retention strategies at NSIA Insurance in Ghana. The primary objective is to identify key factors for customer retention and develop effective CRM strategies for sustainable customer retention within the Ghanaian insurance industry, using NSIA Insurance as a case study.
What are the key themes explored in the research?
The research explores several key themes, including: Customer Relationship Management (CRM) practices in the insurance industry; factors influencing customer retention; the role of technology in CRM and customer retention; the importance of customer recognition and feedback; and the development of effective CRM strategies for sustainable customer retention.
What methodology was used in this research?
The research employs a mixed-methods approach, gathering data through questionnaires and interviews with both customers and staff of NSIA Insurance.
What is covered in Chapter One: General Introduction?
Chapter One provides background information on CRM and customer retention in the Ghanaian insurance market, defines the problem statement, outlines research objectives and questions, specifies the scope and limitations of the study, and details the structure of the research report.
What is covered in Chapter Two: Literature Review?
Chapter Two offers a comprehensive review of existing literature on CRM, customer retention, and the role of technology in these processes. It examines components of CRM, the importance of data and e-CRM systems, customer recognition, and feedback mechanisms like loyalty programs. This chapter lays the theoretical foundation for the study.
What are the key objectives of this study?
The main objective is to identify critical factors for customer retention within NSIA Insurance's CRM practices and to develop effective CRM strategies for sustainable customer retention within the insurance industry.
What are the key findings or expected outcomes of this research?
The expected outcome is the identification of critical factors influencing customer retention at NSIA Insurance and the development of actionable CRM strategies to improve customer retention within the company and the broader Ghanaian insurance industry.
What are the keywords associated with this research?
Keywords include: Customer Relationship Management (CRM), Customer Retention, Insurance Industry, Ghana, NSIA Insurance, Service Quality, Technology, E-CRM, Customer Recognition, Loyalty Programs, Data Analysis.
What type of data was collected?
Data was collected through questionnaires and interviews with both customers and staff of NSIA Insurance.
Where can I find more details about the specific research questions?
The specific research questions are detailed within Chapter One: General Introduction of the full research report. This FAQ provides a high-level overview.
- Quote paper
- Ama Achiaa Kankam Boadu (Author), 2019, Customer Relationship Management and Customer Retention, Munich, GRIN Verlag, https://www.grin.com/document/505290
