Influence Of Customer Experience Management On Market Performance Of Multinational Insurance Companies In Kenya

Abstract

The aim of this research was to establish the influence of customer experience management on the performance of multinational insurance companies in Kenya. The research was anchored by two theories namely; relationship marketing theory and identify, differentiate, interact and customize model. The theories suggest that with customer interactions at all touch points the organization has ability to categorize the requirements and wants of the customer and hence trigger their emotions through the experience. The study utilized descriptive research design. This design was preferred since the research needed to establish the influence of customer experience management on performance of international insurance companies in Kenya. The target population was five insurance firms that have customer experience department which included CIC, Jubilee, APA, AIG and UAP. 150 customers were selected as the sample size through simple random sampling. The study relied on primary data specifically a questionnaire which was self-administered and data analysis was through the statistical package of social sciences (SPSS) to generate descriptive as well as inferential statistics. Descriptive statistics comprised of mean as well as standard deviation while inferential statistic included correlation and regression analysis. The study findings indicated that customer experience management impacted performance of insurance companies in Kenya. The findings showed that the insurance firms had enough approaches to allure the customer’s emotions and feelings thus ensuring that the customers remained loyal to the firms. Pearson correlation coefficient and regression results indicated that customer experience management and performance of insurance companies had a positive and significant relationship. The study concludes that customer experience management has a great impact on performance of insurance companies in Kenya. This means that a well formulated customer experience management strategy would make sure that organizations are better placed in the market and thus improved performance. Customer experience management method aids to deliver enhanced loyalty, enhanced growth and financially optimal performance of companies. The study concludes that those firms that embrace customer experience management have higher chances of improving their performance because the firms are able to manage the customer experiences by getting customer feedback and knowing exactly the customer’s needs and wants and action towards delivering them. The study recommends that in order to improve performance, the organizations should therefore manage customer experiences to improve their satisfaction. The management should ensure that they know exactly what are the needs and requirements of their customers and thus give them personal attention and embrace the changes taking place globally due to technology advancement.