Explicating the Impact of Customer Retention on Organizational Resilience: An Empirical Study of Selected Insurance Companies in Kenya

Ibrahim Adow Aden and Dr. Janet Muthimi
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Ibrahim Adow Aden: MBA Student, Department of Business Administration, Kenyatta University, Kenya
Dr. Janet Muthimi: Lecturer, Department of Business Administration, Kenyatta University, Kenya

International Journal of Research and Innovation in Social Science, 2022, vol. 6, issue 10, 582-592

Abstract: This study was designed to investigate the effect of customer retention strategies and organizational resilience among insurance companies in Kenya. More specifically, the study focused on service quality strategy, customer satisfaction strategy, product mix strategy and perceived price fairness strategy in relation to organizational resilience among insurance companies in Kenya. The study was anchored on the dynamic capability theory, equity theory and the market-based view theory. A descriptive survey and cross-sectional design was adopted for this study. The study targeted marketing managers, underwriters and claim managers and their equivalent at CIC Insurance Company within Nairobi City County, Kenya. Questionnaires were utilized in collecting the Primary data. Descriptive statistics was used in describing the sample data which was analyzed using the Statistical Package for Social Sciences (SPSS) and presented through percentages, means, standard deviations and frequencies. Inferential statistics covering regression analysis was performed to come up with relevant inferences. The study findings indicated that service quality strategy, customer satisfaction strategy, product mix strategy and perceived price fairness strategy affected organizational resilience to a great extent. Customer retention strategy was found to have a higher impact on organizational market share, growth and profitability. Similarly, customer retention strategies were found to enhance an organization’s market share whereby people generally feel as associates with the insurance companies, gain trust with the insurance company and definitely making them to continue seeking services with the organization. On the other hand, customer retention strategies of effectiveness in cost/pricing structure of brands in the organization were found to aid in attracting new customers who open various cost structured accounts designed by the organization. The study recommends that the insurance companies should provide quality services as it is the best way of retaining the existing customers in the firm and this in turn yields greater commitment and loyalty of the customers

Date: 2022
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