Making Insurance Industry in Ghana Better Through Database Management

Abstract

Building a long-term relationship with customers through effective information management database has become necessary for effective and efficient insurance delivery as a result of the bad impression people have about insurance in Ghana. The idea behind relationship marketing which is the marketing philosophy of the 21^st century is the ability to counsel customers as to what they ought to do and what product or service they ought to buy. Such a relationship can only be achieve if insurance organization are in full possession of up-to-date, comprehensive and relevant information about existing, potential and past customers as well as competitors and other micro environmental forces in the industry.  The purpose of this paper is to explore how to grow the insurance industry in the midst of the wrong impression people have using relationship marketing through database management using Star Assurance as a case. Qualitative research was used. Empirical data were gathered through in-depth interview with the stakeholders of the institution by using structured questionnaire. Data presentation and analysis was done in accordance with the research objectives .SPSS was used in analyzing the data received from 140 respondents.  The study revealed and concludes that though database management is essential yet, that alone cannot improve the firm’s bottom-line. Even if care is not taken, the firm can run into serious legal, ethical, technical and image problems.

Key words: Database Management, Relationship marketing, Customer Value Management, Insurance, Indemnify, Marketing Information System,