Customer retention strategies and organisation performance in insurance companies in South Sudan, acase study of Britam insurance company Ltd.

Abstract

The study examined the influence of customer retention strategies on the organisation performance in insurance companies in South Sudan focusing on a case study of Britam Insurance Company Ltd. It was guided by the objectives to: examine the influence of customer relationship management on the organisation performance in Britam Insurance Company Ltd, South Sudan; assess the influence of loyalty programs on the organisation performance in Britam Insurance Company Ltd, South Sudan and assess the influence of loyalty programs on the organisation performance in Britam Insurance Company Ltd, South Sudan. The study adopted a cross-sectional survey and mixed methods and case study strategy. A sample size of 63 respondents was determined which registered a response of 100% participated. The study used interviews and survey as methods of data collection and the data collection instruments were interview guide, and self-administered questionnaire. Findings from regression value r = 0.816 for customer relationship management, 0.822 for loyalty programs and 0.779 for value proposition and all had sig. value of 0.000 hence indicating that Britam Insurance Company Ltd’s customer retention strategies have a statistically significant strong positive relationship with organisation performance and as such the null hypothesis was rejected. In conclusion, the study notes that effective CRM practices not only streamline operations but also foster stronger customer relationships, contributing to sustained business growth and competitive advantage in the insurance market. It was also concluded that while Britam shows strengths in encouraging the use of loyalty points and implementing referral programs, there are opportunities to enhance programs that offer exclusive benefits and personalized rewards for long-term policyholders. In recommendation, the study suggested that Britam Insurance should allocate resources to implement advanced CRM software that integrates seamlessly with other business systems. It was also suggested that the company should also invest in regular updates and innovations within its loyalty programs to keep offerings fresh and competitive and that Britam Insurance should also focus on improving its customer service standards to reinforce its value proposition.