| dc.description.abstract | The objective of any business is to be the leading in its industry. The insurance industry is a very unique industry with challenging services that need to be managed effectively to ensure that the customers that have been hard won should not leave the business to go elsewhere. This then means the company must put on measures to ensure maximum retention if it is to excel. Nevertheless, in trying to put in place such measures, the company will face problems that may not allow it achieve the goals to their expectations. The purpose of this study was to identify the challenges of insurance companies in Kenya face in trying to retain their customers with a case study of Madison insurance company. The specific objectives of the study included identifying the customer satisfaction measures employed by Madison Insurance Company and finding out the challenges that face the company in satisfying their customers‟ needs. This research, being a case study was conducted through interviews with the research instrument being the interview guide. Five senior employees of the company were interviewed with a view of finding out the current retention structures in place and the challenges faced in the process of trying to retain their customers. The data collected was analysed through content analysis. The study found that there are various measures put in place to retain the customers at the company including a dedicated customer service department, streamlining claims management, renewal notices management and regular follow ups to the clients. The main challenges faced in trying to retain the customers were internal and external. The internal challenges still remained claims processes and notices management. Most of the challenges were externally influenced through competition, pricing, customer expectations, nature of customers, trust among others. These findings indicate the customer retention is still a problem in the insurance industry which calls on the stakeholders to review some of the challenges to assist the industry grow and improve market share, which is healthy for all the stakeholders including the government | en_US |
