The Effect of Customer Life Cycle Management on Firm Performance within the Insurance Industry in Harare, Zimbabwe

This study sought to determine the effect of customer life cycle management on firm performance within the insurance industry in Harare, Zimbabwe. This study was aimed to determine the effect of reaching customers on profitability of insurance firms, to establish the effect of customer recruitment on the growth of insurance firms, to ascertain whether customer retention influences sales revenue of insurance firms and to examine a relationship between conversion and firm performance. The researcher used a judgmental and stratified sampling technique to choose 234 respondents from Coverlink, First Mutual holdings, Old Mutual Holdings, Cell Insurance, and Heritage insurance. The survey responses were presented using tables, bar graphs, and pie charts. In this study it can be concluded that the organization has attained increased profits through the use of reaching out customers. Reaching out customers has enabled the organization to retain customers thereby increasing sales. It can also be concluded that organizations can enhance their profitability and attain strategic objectives through the use of customer recruitment. If customers are satisfied with the services of the organization they are more likely to give more credit to this organization. If the customers are satisfied with the services of the organization, they will be more willing to engage in repeat purchases and develop their life cycle with that organization. It was noted that improving customer retention has increased sales. Customer loyalty increases the profits by encouraging repeat business. Some respondents noted that customer retention has assisted the organisation to reduce costs. In this study it can be concluded that organizations should work on conversion so as to improve organizational performance. A longer CCC has the potential to boost a company's sales and profitability for a number of reasons. It can be recommended that the organisation should come up with a department which handles customer orientation, customer relationship management organization, information management, and technology-based customer relationship management, which together make up the customer relationship management dimensions, have an effect on a variety of business performance dimensions. These business performance dimensions include financial performance, customer performance, internal process performance, and learning and growth performance in the insurance industry