Journal of
Economics and International Finance

  • Abbreviation: J. Econ. Int. Finance
  • Language: English
  • ISSN: 2006-9812
  • DOI: 10.5897/JEIF
  • Start Year: 2009
  • Published Articles: 348

Full Length Research Paper

Information technology and customer relationship management (CRM) in some selected insurance firms in Nigeria

B. E. A. Oghojafor, S. A. Aduloju* and F. F. Olowokudejo
Actuarial Science and Insurance Department, Faculty of Business Administration, University of Lagos, Lagos, Nigeria.
Email: [email protected]

  •  Accepted: 31 May 2011
  •  Published: 31 July 2011

Abstract

 

In this study, we explore the question of how IT could enhance firm performance in the areas of customer’s service and organization’s profitability in the Nigerian insurance industry. To draw our sample size of 90, 30 insurance companies were randomly selected from the 49-member insurance umbrella body, the Nigerian Insurers Association. Each company received 3 copies of the questionnaire meant for the IT manager, marketing manager and underwriting manager, respectively, making a total of 90. We proposed 3 hypotheses which were tested with the aid of Komolgorov-Smirnov test. Our findings show that while most companies have a comprehensive data base of their customers, not all make provisions for their customers to make major transactions online because they have not fully integrated their customer relationship management with information technology. We also find out that effective combination of customer relationship management with information technology leads to improved customer service and organization’s profitability.

 

Key words: Information technology, customer relationship management (CRM), firm performance, insurance.