Factors Affecting Customer’s Decision to Renew A General Insurance Policy: The Case of Selected Private Insurance Companies in Addis Ababa, Ethiopia
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Date
2024-02-05
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A.A.U.
Abstract
This research was about“ Factors Affecting Customer’s decision to renew a General Insurance Policy: The Case of Selected Private Insurance Companies in Addis Ababa, Ethiopia” and their effect on customer retention and their factors, The major purpose of the research is to investigate the factors affecting independent variables on customer decision’s to renew of selected private insurance companies in Addis Ababa and also their reactions towards customer satisfaction, trust, switching barriers, price, brand image, and the dependent variable (customer retention). Both explanatory and descriptive research designs were adopted for the study by using a quantitative approach. The study focused on a target population of customers of the selected private insurance companies in Addis Ababa, Ethiopia, where the companies were selected based on market share using a multi-stage sampling method. The convenience sampling method was used to select respondents because the population of the insurance companies could not be available at the same time. Primary data was collected from the customers of selected insurance companies through structured questionnaires. The data collected from questionnaires was analyzed using the statistical package for social science (SPSS) version 25, and the findings were interpreted based on the listed hypothesis and regression model and descriptive and inferential statistics. The findings of the study indicated that customer satisfaction, trust, switching barriers, price, and brand image are the factors that have positive and significant effects on customer retention of selected private insurance companies at a 95% confidence level