Customer Relationship Management and Organisational Performance of Selected Insurance Firms in Ogun State, Nigeria

Abstract

In today’s competitive landscape, the Nigerian insurance sector has become increasingly dynamic due to various restructuring initiatives. This resilience persists despite challenges such as shifting consumer preferences, technological advancements, demographic changes, political instability, and economic fluctuations. This study investigates the effect of customer relationship management (CRM) practices namely customer-oriented focus, conflict handling, and effective communication on the performance of insurance companies in Ogun State, Nigeria. A survey was conducted with 192 top and middle management personnel from Mansard Insurance, Anchor Insurance, and Leadway Assurance. The results, analyzed using the Statistical Package for the Social Sciences (SPSS) and regression analysis, yielded an R-squared value of 0.845, indicating a significant impact of CRM on organizational performance. The study recommends continuous customer orientation training to ensure employees receive up-to-date and effective guidance, highlighting the crucial role of management commitment in sustaining performance and success. This research contributes valuable insights to the literature and offers practical recommendations for stakeholders in the insurance sector, while also suggesting areas for future research to better understand the evolving relationship between CRM and organizational performance in Nigeria's dynamic market.