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Customer retention strategies used by jubilee insurance in Burundi
Department of Actuarial Sciences, Institute of Applied Statistics, University of Burundi.
Research Article
International Journal of Science and Research Archive, 2024, 12(02), 1130–1137.
Article DOI: 10.30574/ijsra.2024.12.2.1078
Publication history:
Received on 03 May 2024; revised on 23 July 2024; accepted on 25 July 2024
Abstract:
The main purpose of this study was to assess the customer retention strategies used by Jubilee Insurance Burundi. The paper intended to answer to the following questions: what are the strategies used by Jubilee Insurance Burundi to attract customers? What are the challenges faced by Jubilee Insurance Burundi in so far as customer retention is concerned? How can Jubilee Insurance effectively increase its customer base? The results show that Jubilee Insurance Company of Burundi mainly attracts customers through sales representatives (34%) followed by advertisement (24%), Corporate social responsibility programs (18%), sales promotions (16%) and new product/service development (08%). The findings also indicate that the major challenges of customer retention at Jubilee Insurance Company Burundi are affordability of insurance services (32%), ineffective promotion (20%), competition (18%), government regulation policies (16%) and availability of trained staff. Finally, the respondents indicated that the management in insurance agencies need to employ skillful, knowledgeable and qualified marketing workforces (26%) who can effectively market the agency insurance services; they also indicated that the insurance agencies need to improve on delivery quality of insurance services (32%), adopt effective marketing strategies (24%), select efficient channel of advertisement (18%) and as well as advertise aggressively to attract more customers.
Keywords:
Customer; Customer retention; Strategies; Insurance
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Copyright © 2024 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0
