Effect of Customer Relationship Management Systems on Customer Retention in Life Insurance Companies in Kenya (A Case Study of British American Insurance Company (k) ltd)
Wangondu, Geofrey N
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Successful customer retention starts with the first contact an organization has with a customer and continues throughout the entire lifetime of the relationship. A company's ability to attract and retain new customers, is not only related to its product or services, but strongly related to the way it services its existing customers and the reputation it creates within and across the 1marketplace. This study therefore sought to investigate the application of customer relationship management on customer retention in British-American Insurance as a case study of life insurance companies in Kenya. The study also sought to establish the relationship between communication, customer segmentation and feedback management on customer retention in British-American Insurance. This study used a descriptive research design. The target population in this study was 300 employees working in all the 11 departments in British-American Insurance. The sample size for this study was therefore 44 respondents. A questionnaire was used to collect the primary data. The data from the field was first coded according to the themes researched on the study. Analysis was done with aid ofthe statistical package for social sciences (SPSS) package. Descriptive statistics such as percentages, mean scores and frequencies was used for analysis. The results of quantitative data were presented in charts and tables. The study established that feedback management influences customer retention at British American Insurance Companies (k) Limited most followed by customer segmentation and communication. The study also found that communication helps to identify, establish, maintain and enhance customer-organization at a profit while meeting the objectives of both parties. In addition, perceptions of the brands are mainly influenced by the speed, reliability, ease of use and quality. This study recommends that the company should increase its contact with customers so as to increase customers' retention.