Insurance Companies' Activities to Maintain Customer Loyalty in a Competitive Market Environment
DOI:
https://doi.org/10.56532/mjbem.v4i1.54Keywords:
Customer Loyalty, Customer Satisfaction, Insurance industryAbstract
It is important for businesses to prioritize customer satisfaction to gain customer loyalty and trust. Maintaining customer loyalty is important for companies that want to build lasting relationships with customers, as they understand that the cost of acquiring new customers is significantly higher than retaining current ones. Currently, mere repeat purchases are not enough They must also have a strong and positive attitude towards the brand or business. Ensuring customer satisfaction and loyalty allows companies to achieve their market capitalization goals. Like any other business, customer loyalty is important in the insurance industry. Insurance companies need to scrutinize customer loyalty to ensure that their customers renew their insurance policies. This study examined the initiatives taken by insurance companies to maintain customer loyalty in Pakistan, and a field study was conducted to identify factors affecting customer satisfaction and loyalty in insurance firm.
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