Insurance Research Studies

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Welcome to the Insurance Research Repository, developed by the Insurance Training College to enhance insurance education, industry practices, and policy development. In a rapidly changing insurance landscape, access to current knowledge and insights is essential. Our repository offers a diverse range of resources, including academic research, case studies, and industry reports, catering to students, educators, and professionals alike. Students can deepen their understanding, educators can find valuable teaching materials, and professionals can stay informed on the latest trends and policies. By providing these resources, we aim to foster a community of informed practitioners dedicated to the future of the insurance industry. We invite you to explore the wealth of information available and contribute to the ongoing advancement of insurance knowledge and practices.

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Author: search.filters.author.Isiagi EmmanuelSubject: search.filters.subject.Customer Segments

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    Examining strategies for building trust for microinsurance among low-income customer segments in Uganda.
    (Insurance Training College, 2024-11-06) Richard Mwebesa; Isiagi Emmanuel
    Purpose: This study focused on examining strategies for building trust for microinsurance amongst low-Income customer segments in Uganda. The specific objectives were; (i) to analyze the factors contributing to low trust for micro insurance and (ii) to establish the key strategies for building trust amongst low income segments. Research approach: The study employed a cross-sectional research design following an embedded research method that blends quantitative and Qualitative approaches. Quantitative approach was central to the study. However, due to need to obtain open and wider insights regarding the low trust, a qualitative method was then adopted to obtain elaborative opinions of respondents. Data was collected using a survey method from the sample of 126 Micro insurance customers with experience in Microinsurance Products. Quantitative data was analyzed using descriptive statistics while qualitative data was analyzed using content analysis to provide understanding of trust building mechanisms. Findings: The findings revealed that several factors contribute to deteriorating level of trust among low-income customers. However, the most notable 5 factors are; low personal experiences with successful microinsurance claims, slow microinsurance claiming process, lack of clear information about the coverage provided by microinsurance, prioritization of profit over customer benefits, failure by microinsurance providers in Uganda to fulfil their promises. Regarding strategies required to build trust, findings revealed 5 top strategies as; adoption of quick and efficient claims processing, provision of regular updates on successful claims settlements, sharing success stories by policy holders, provision of clear and accessible channels for customers to voice complaints and having a well-defined and easily understandable explanation of product benefits. Recommendations: Insurance firms should enhance transparency by ensuring free flow of communication of policies, terms and conditions, Insurance firms should implement community focused strategies where they involve key focus persons in the community such as local leaders, ensure quick and responsive settlement of claims and microinsurance firms should also invest more in building capacity of their agents.