Date of Conferral

6-21-2024

Date of Award

June 2024

Degree

Doctor of Business Administration (D.B.A.)

School

Management

Advisor

Dr. Levita Bassett

Abstract

Low customer retention has the potential for adverse business outcomes. Insurance agency owners are concerned with low customer retention because it is the number one predictor of businesses becoming insolvent. Grounded in the customer relationship management theory, the purpose of this qualitative pragmatic inquiry was to explore strategies that insurance agency owners can adopt to enhance customer retention and sustainability. The participants were six insurance agency owners with over 5 years of business longevity and exceptional customer retention. Data were collected using semistructured interviews, reviews of business websites, and Facebook and LinkedIn content. Through thematic analysis, three themes were identified: (a) customer relationship management, (b) customer service, and (c) marketing. A key recommendation is for agency owners to conduct customer interactions such as making calls to check on life changes, sending birthday wishes, or conveying well wishes for various holidays, with each customer annually. Positive social change implications include the potential for insurance agency owners to reduce the probability of insolvency and support customers in maintaining financial responsibility.

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