Effects of Digital Marketing Strategies on Market Penetration of General Insurance in Kenya: A Case of ICEA Lion General Insurance Company

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Daystar University, School of Business and Economics

Abstract

The purpose of this study was to examine the effects of the various digital marketing strategies adopted by insurance companies on the market penetration of general insurance companies in Kenya. The objectives of the study were to identify the various digital marketing strategies adopted by ICEALION General Insurance Company; examine the effects of adopting the digital marketing strategies on market penetration of the general insurance products and services; and examine challenges of adopting digital marketing on penetration of general insurance in the market. The study is grounded on four theories, namely game theory, network theory, generational theory, and Ansoff’s market penetration model. A case study research design was adopted and the study population was 264 employees of ICEALION General Insurance Company. The sample size was 51 respondents who were selected through proportionate and simple random sampling techniques. Data was collected using structured questionnaires and analysed using the Statistical Package for Social Sciences (SPSS) version 23.0. The study findings revealed that ICEALION Insurance Company interacted with clients or their requests on daily basis at 67.5% and had a dedicated marketing team tasked with leading all digital marketing strategies of the firm at 90.0%. The digital marketing practices employed include: Email marketing (95.0%), mobile phone SMS marketing (92.5%), contact centre leads (87.5%), social media marketing such as Facebook, Twitter, etc. (87.5%) among others. Digital marketing strategies increased the number of new clients (90.0%), retained more profitable clients (87.5%), and increased customer satisfaction (92.5%). The study recommended that all insurance companies should adopt and effectively implement digital marketing strategies to enhance market penetration of their products and services.

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MASTERS OF BUSINESS ADMINISTRATION in Marketing,

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Ndegwa, M. E. (2019). Effects of Digital Marketing Strategies on Market Penetration of General Insurance in Kenya: A Case of ICEA Lion General Insurance Company. Daystar University, School of Business and Economics

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