Factors Affecting Customer Loyalty In The Insurance Sector In Mali

With the growing number of insurance companies in the business market,managers need to establish the right strategies to attract and retain their customers.This challenge is becoming increasingly important as customers have become demanding.They are more knowledgeable,more educated and they are looking for more personalized services to meet their needs and exceed their expectations.This research sought and found out the effect of underpinnings of relationship marketing(satisfaction,trust and commitment)on customer loyalty by using the mediating effect of trust variable in the relationship between satisfaction-loyalty and its moderating effect in the relation between commitment-loyalty in insurance sector in Mali.It would contribute to insurance company marketers for developing better future strategies in order to enhance customer loyalty in insurance sector.The selected data collection method is the survey from a self-administered questionnaire.In total,407 questionnaires were selected.The hypotheses and linear relationship between variables have been tested by using Hierarchical Multiple Regression(HMR)analysis and Pearson Correlation Analysis.The analysis of the results has confirmed the existence of a significant relationship between the relationship marketing components studied and customer loyalty of insurance customers in Mali.The results showed that the variables customer satisfaction and commitment have a direct positive effect and significant relationship and strong correlation on customer loyalty.In addition,it is found that trust mediates satisfaction to promote customer loyalty and negatively moderating effect in the relation between commitment and customer loyalty in the Malian insurance company.The relationships investigated in this study deserve further research.Because the data analyzed were collected from one sector of the service sector in one country and just a few underpinnings of relationship marketing was used,more studies are required before general conclusions can be drawn.This study holds significant implications for academicians interested in dynamics of customer loyalty as well as the marketers of insurance sector who are concerned with customer relationships.