Customer Relationship Management and Customer Retention: Empirical Assessment from Nigeria’s Insurance Industry

Abstract

Aims: The purpose of this study was to draw the attention of insurance practitioners in Nigeria to interrelationships that exist among CRM, customer retention and value creation. For this purpose, researchers have evaluated the relationship that exist between CRM and customer retention; and also ascertained if value creation was in any way extended to insuring populace in Nigeria. Study design: The study employed cross-sectional survey design Methodology: The research was started with literature survey. The study employed stratified random sampling technique and thus, gathered data through the use of structured questionnaire. The sample population consisted of 58 respondents made up of marketing managers and underwriting managers drawn from 35 insurance companies which were randomly selected from the directory of member companies. The statistical instruments employed for this study were Simple linear regression and Kolmogorov-smirnov test. Two hypotheses were tested in this study. Results: The study found that CRM positively influences customer retention in the Nigeria’s Insurance Industry, and thus helps create values for insuring populace in Nigeria. Conclusion: The study evidenced interlink between various constructs understudied.

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