Effects of Promotion Mix on Life Assurance Penetration: A study of Life Assurance Companies in Nairobi County

Abstract

In spite of the numerals promotion mix available to many organizations, it is important to note that many organizations have not yet appreciated how to effectively and efficiently utilize these campaigns in attempting to enhance their organization performance. The objective of this study was to investigate if promotion mixes adopted by a particular life assurance company in Nairobi County at a given time affect the penetration of life assurance business. The research intends to establish the effect of promotion mix in life assurance and how they impact on life assurance penetration in Nairobi County. The research design was based on the population of 23 life assurance companies in Nairobi County. The sample size consisted of the 69 individuals who were selected randomly from each of the three main departments who have interaction with the marketing activities in every company namely underwriting, marketing and finance. This was to ensure all members of the population have an equal probability and independent chance of being selected. The interviewer administered a questionnaire to the respondents to collect the relevant data. The collected data was analyzed by use of descriptive statistics such as regression and inferential analysis. The analyzed data was then presented by use of figures and tables in order to become meaningful. A summary of the research findings was made following the discussion with a proposal for areas of further researches recommendations. The study was an informative tool and would go a long way in assisting company policy makers, employees, clients, financial institutions researchers, government and the society at large.