An evaluation of customer retention strategies at UAP old mutual insurance
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Date
2021-10-20
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Makerere University Business School
Abstract
This dissertation focused on an evaluation of the customer retention strategies at UAP Old Mutual basing on the three main objectives that included; examining the customer retention strategies used at UAP Old Mutual Insurance, examining the challenges that UAP Old Mutual faces in retaining their customers and suggesting ways of improving customer retention at UAP Old Mutual Insurance. The study adopted a cross-sectional research design particularly evaluating the customer retention strategies at UAP Old Mutual Insurance taking an employee perspective. In addition to this, the study used both quantitative and qualitative design to arrive at the study conclusions. The population of the study included 400 employees of UAP Old Mutual Insurance (The Human Resource annual report 2019) and they will be chosen from the departments of Sales and Marketing, Business Development (includes top management-decision makers) and the Customer Care department. The study concludes that UAP Old Mutual has several Customer Retention Strategies in place and these included Improving Perceived Value of the Brand which they do through several public awareness, branding and advertising. The firm also continuously improves its services through offering quality services and products, application of standards and measuring their performance to ensure consistence in what they do. In addition, UAP Old Mutual ensures customer satisfaction, continuously gathers customer feedback and provides flexible ways to customers while using their products and services. Furthermore, the anticipated challenges that may hamper the retention of customers at UAP seem not to be very strong since respondents were not sure of these as challenges to the firm. This meant that UAP should continuously strengthen and increase its visibility to customers especially through increasing trust of the brand among customers, increase the usage of Information Communication Technology by customers, manage customer expectations and stand out among the competitors. The study also found out that for UAP Old Mutual to strengthen and increase its customer retention rates, the firm should build a strong reputation of trustworthiness among its customers, focus on establishing a customer care culture in the organization through recruiting customer centric employees, continuous training and of the employees and creation of standards and procedures that are customer oriented.
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Keywords
Customer retention, strategies, Insurance
Citation
Bisikwa, B. K. (2021). An evaluation of customer retention strategies at UAP old mutual insurance