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2013 (Vol. 5, Issue: 5)
Article Information:

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

Edward Kwame Ayimey, Dadson Awunyo-Vitor and Sulemana Abdulai
Corresponding Author:  Dadson Awunyo-Vitor 

Key words:  Customer retention, Ghana, life assurance, SIC Life Insurance, StarLife Assurance, ,
Vol. 5 , (5): 163-167
Submitted Accepted Published
January 02, 2013 February 18, 2013 September 25, 2013
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 Friedmanís 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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  Cite this Reference:
Edward Kwame Ayimey, Dadson Awunyo-Vitor and Sulemana Abdulai, 2013. Customer Retention Strategies of SIC Life Insurance Company Limited and StarLife Assurance Company Limited in Ghana: An Exploratory Assessment.  Current Research Journal of Social Sciences, 5(5): 163-167.
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ISSN (Online):  2041-3246
ISSN (Print):   2041-3238
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