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Customer Retention Strategies of SIC Life Insurance Company Limited and StarLife Assurance Company Limited in Ghana: An Exploratory Assessment

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Author(s): Edward Kwame Ayimey | Dadson Awunyo-Vitor | Sulemana Abdulai

Journal: Current Research Journal of Social Science
ISSN 2041-3238

Volume: 5;
Issue: 5;
Start page: 163;
Date: 2013;
Original page

Keywords: Customer retention | Ghana | life assurance | SIC Life Insurance | StarLife Assurance

ABSTRACT
This study aimed at comparing customer orientation and customer retention strategies of two life assurance companies in Ghana namely SIC Life Insurance Company Ltd and StarLife Assurance Company Ltd. Customer retention has gained increased value among businesses and has been accepted to have brought tangible financial benefits to firms. Data were collected through interviews with the policyholders and questionnaire was administered to the management teams. The Statistical Package for Social Science (SPSS) and MS Excel were softwares used to analyse data. Specifically, the Friedman’s test was used to determine differences in relevant indicators among the two companies. The findings of the study point to the fact that there were pragmatic efforts by both companies toward customer retention. The findings further indicate differences in customer retention strategies in terms of regular communication with clients and offer of bonuses. Satisfaction levels were high and the two companies retained a good number of their policyholders but they differ in terms of the number of policyholders retained annually. The findings imply deepening efforts towards regular communication with clients, building relationships with clients and ensuring policyholder satisfaction.
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