Abstract
Globally, inability to analyze information, to see past customer life cycle disruptions and dispassionately interpret events to anticipate competition threatens performance in the insurance industry. Organizations fail to respond and offer solutions desired by their customers, instead sticking to their traditional products not highly of customer choice. It was against this gap that this paper discussed Customer Centricity and its influence on competitive intelligence in Insurance Firms in Kenya. The objectives of this study were to determine effects of Customer Centricity on Competitive Intelligence of insurance firms in Kenya; to investigate whether Customer Life Cycle practices employed by insurance firms have effects on Competitive Intelligence; to assess whether the Customer Value practices affect Competitive Intelligence of insurance firms and establish the effects of Customer Experience on Competitive Intelligence of insurance firms in Eldoret Town in Kenya, East Africa. A mixed method design was used to study 250 selected from 600 employees of insurance firms in Eldoret. A semi-structured questionnaire and an interview guide were used to collect data. Data were analyzed using selected descriptive and inferential statistics The results of applying Spearman and Friedman tests showed that customer centricity and its dimensions significantly affected competitive intelligence, with customer life as the most important, indicated by the Entropy technique. Customer experience emerged top when the Binomial test was applied. A recommendation is made that Managers in the insurance industry embrace all dimensions of customer centricity, especially the dimension of customer life cycles, in order to improve their competitive intelligence. Keywords : Customer Centricity, Competitive Intelligence, Customer Life Cycle, Customer Value, Customer Experience DOI : 10.7176/EJBM/11-10-07 Publication date : April 30 th 2019
Highlights
Background of the Study 1 Many insurance organisations are struggling with collection and analysis of information, past customer life cycle disruptions and dispassionate interpretation of events required for competitive intelligence in the insurance industry (Kwach, 2018)
The study identified various items of Customer Centricity that were measured against the Competitive
The items were measured on a Likert scale of 1-5 which ranges from strongly disagree (1) to strongly agree (5)
Summary
Since there is limited study on the Customer Centricity practices and their effect on competitive intelligence, the study sought to investigate the Customer Centricity practices and their effect on competitive intelligence in the insurance sector in Kenya. A total of 600 potential participants that included top level managers, mid-level and operational level employees of insurance firms operating in Eldoret town of Uasin Gishu county of Kenya were targeted in this study. From this a sample size of 250 was selected to collect primary data. To determine the questionnaires' reliability, the 'Cronbach Alpha technique' was applied. For this purpose, 40 respondents were chosen randomly and the questionnaires were distributed to them. The study carried out a pilot study to pretest the validity and reliability of data collected using the questionnaire through.
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