The influence of insurance marketing strategy on competitive advantage and performance in Ghana

Abstract

Ghana's insurance industry is grappling with lower earnings and underperformance attributable to poor insurance penetration and poor marketing. The study used qualitative analysis to discuss the lived experiences of 12 professionals with over 10 years of insurance industry experience. The results confirmed that; technological factors, social factors, market characteristics, and profitability influence the development of insurance marketing strategies. The paper reveals that after-sales analysis, customer retention, cancellation rate, gross written premium, underwriting profit, periodic adjustments, and the influx of new applications as the key measures of implementation effectiveness. Also, factors such as product differentiation, technological innovation, banк assurance, staff training and capacity building, reaching untapped markets, and sustainable improvements influence competitive advantage and improved performance. The paper made key recommendations.