Özet:

By examining the role and value of customer retention (CR) in the life insurance sector of the South African insurance industry, this paper seeks to uncover the level of clientele receptiveness and willingness to adopt Information Technology (IT)-based Customer Relationship Management (CRM). Arguably, there are changing client needs, and market erosion requires innovative processes and particularly a readiness to accommodate the swift changes in technology. This volatile environment has, over the past decade, created increased competition and uncertain economic futures, which has placed life insurers under pressure and facing a steady increase in policy lapses. The primary objective of this paper is to investigate the role and value of IT-based CRM potential on customer retention in the life insurance industry in South Africa. It is argued, that with technological advances, increased competition, tough economic conditions, and clients becoming more financially conscious, insurers need to seek further and newer methods to retain their clientele.

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