Journal of Emerging Trends in Economics and Management Sciences: Home

Article Title:
Market Segmentation: A Tool for Improving Customer Satisfaction and Retention in Insurance Service Delivery
by Festus M Epetimehin

Abstract:
This paper looks at the use of market segmentation as a tool for improving customer satisfaction in insurance service delivery. Insurance companies are always seeking alternative ways to improve the level of satisfaction among their customers; market segmentation may be a useful tool. The paper argues that in spite of the egalitarian approach that underpins the marketing of insurance, market segmentation may be used to better serve the needs of their customers. In utilizing market segmentation, the insurance companies must pay particular attention to barriers that may negatively impact the effectiveness of the market segmentation exercise. Consequently, the need to pay particular attention to issues relating to barriers to implementing market segmentation is highlighted. This paper also attempts to address management?s concerns about the practicality and usefulness of segmentation.

Keywords: insurance, market segmentation, customer satisfaction, customer retention.

Download full paper