Effects of digital marketing practices on performance of insurance sector: A critical approach with a review

Ben Kajwang
Additional contact information
Ben Kajwang: PhD, ACII(UK), AIRM(UK), FIIU, FIIK, CPT, Chartered Insurer, Chief Executive Officer, College of Insurance, Nairobi, Kenya

International Journal of Business Ecosystem & Strategy (2687-2293), 2022, vol. 4, issue 4, 89-95

Abstract: Digital marketing practices have had explosive growth in the past decade, especially in the insurance sector of developing countries. In particular, the internet has been instrumental in providing digital marketing services to customers from the insurance sector. The purpose of this study, therefore, is to assess the effect of digital marketing practices on the performance of the insurance sector. A desktop literature review was used for this purpose. Relevant seminal references and journal articles for the study were identified using Google Scholar. The inclusion criteria entailed papers that were not over ten years old. The study found that the use of digital marketing strategies has a positive effect on the insurance sector's performance. Profitability improved, market share grew, and they expanded their market share. Increased customer loyalty and access to new markets are benefits of internet marketing for insurance companies. According to the findings, insurance companies should make IT infrastructure investments and implement technology-enhanced processes. Employers require adequate training on the use of e-business platforms, as well as collaboration with providers of digital services to enable them to store and market their products and services online. Aside from using traditional marketing methods (such as direct mail), the study advises general insurance companies to be innovative by implementing new strategies, such as digital marketing, to gain a larger share of their target market. This is because strategies for digital marketing have a positive impact on the overall performance of the insurance industry.

Keywords: Digital marketing practices; Performance; Insurance sector; Kenya (search for similar items in EconPapers)
Date: 2022
References: View complete reference list from CitEc
Citations:

Downloads: (external link)
https://www.bussecon.com/ojs/index.php/ijbes/article/view/357/187 (application/pdf)
https://doi.org/10.36096/ijbes.v4i4.357 (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:adi:ijbess:v:4:y:2022:i:4:p:89-95

Access Statistics for this article

International Journal of Business Ecosystem & Strategy (2687-2293) is currently edited by Umit Hacioglu

More articles in International Journal of Business Ecosystem & Strategy (2687-2293) from Bussecon International Academy Bussecon International Academy, School of Business, IHU, Ordu cad. F-05 Blok No 3, 34480 Basaksehir, Istanbul, Turkey. Contact information at EDIRC.
Bibliographic data for series maintained by Umit Hacioglu ().