Effect of Social Media Marketing on the Sales Performance of Insurance Firms in Kenya

Maureen Kaveke, Mwakhamah Khamah and Anne Kalei
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Maureen Kaveke: Machakos University
Mwakhamah Khamah: Lukenya University
Anne Kalei: Machakos University

International Journal of Research and Innovation in Social Science, 2024, vol. 8, issue 8, 3869-3876

Abstract: The Insurance sector in Kenya has a huge potential but remains untapped as indicated by insurance penetration, which is less than 3 percent lower than the global average penetration of 7.3 percent as per the 2021 Statista report. In the ideal situation, the insurance industry in Kenya should be performing exemplary well in terms of sales revenue and high penetration rate. However, insurance sales growth and penetration in Kenya remains low. The purpose of the study was to determine the effect of social media marketing on the sales performance of insurance firms in Kenya. The Technological Acceptance Model anchored the study. The study was guided by a descriptive survey design. The study population was 56 registered insurance firms in Kenya. Structured questionnaires were used to obtain information. Data collected using questionnaires was analysed using SPSS Version 23.0 where both descriptive and inferential statistics was used to analyse the collected data. The analysed data was presented in the form of tables and figures. Inferential statistics entailed the multiple linear regression model to determine the effect of social media marketing on the sales performance of insurance firms in Kenya. The findings of the study established that social media marketing is a significant predictor of sales volumes of listed insurance companies in Kenya (β=0.309, p-value=0.002). The study concluded that social media marketing is instrumental in fostering the sales performance of listed insurance companies in Kenya. The study recommends the expansion of social media marketing in the insurance sector. Social media is an interactive platform that requires creativity when posting promotional substances relating to the company to capture the imaginations and feelings of social media users.

Date: 2024
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