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The Influence of Customer Relationship Management and Relationship Quality on Customer Life Time Value in the Insurance Industry in Malaysia

Most of the previous research studies on the effect of Customer Relationship Management, Relationship Quality and Customer Lifetime Value are in parts, but they do not holistically explore the inter-relationship between these variables and how such relationships impact on new Customer Acquisition an...

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Main Author: Lim Kai, Hoe
Format: Thesis
Language:English
English
Published: 2018
Subjects:
HF Commerce
Online Access:http://ur.aeu.edu.my/803/1/Brian%20Lim%20Kai%20Hoe-PhD_to%20print.pdf
http://ur.aeu.edu.my/803/1/Brian%20Lim%20Kai%20Hoe-PhD_to%20print-1-24.pdf
http://ur.aeu.edu.my/803/
https://online.fliphtml5.com/sppgg/nsxr/?1603782662936
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spelling my-aeu-eprints.8032020-10-27T07:15:58Z http://ur.aeu.edu.my/803/ The Influence of Customer Relationship Management and Relationship Quality on Customer Life Time Value in the Insurance Industry in Malaysia Lim Kai, Hoe HF Commerce Most of the previous research studies on the effect of Customer Relationship Management, Relationship Quality and Customer Lifetime Value are in parts, but they do not holistically explore the inter-relationship between these variables and how such relationships impact on new Customer Acquisition and Retention of existing customers. This study focuses on assessing these relationships by taking a different approach that emphasizes more of the customer perspective rather than the usual company perspective. It assesses the relationship effect of Customer Relationship Management (CRM), Relationship Quality (RQ), Customer Lifetime Value (CLV) and Customer Acquisition and Retention in the insurance industry. For the purpose of investigating the interaction magnitude among the constructs, Structural Equation Modelling (SEM) has been adopted. A total of 332 valid questionnaires have been used to analyse the relationship and 4 key outcomes were produced. The result from this study has shown that Customer Relationship Management has a direct positive effect on the Relationship Quality as well as Customer Lifetime Value (CLV). Also, it was established that the Relationship Quality (RQ) has a direct positive influence on Customer Lifetime Value (CLV) in terms of usage quantity, loyalty, word-of-mouth and purchase intention. Lastly, the study also confirmed that the inter-relationships between Customer Relationship Management (CRM), Relationship Quality (RQ) and Customer Lifetime Value (CLV) have positively affected new customer acquisition and retention of existing customer, but with a mixed outcome especially for Customer Lifetime Value. However, the results showed that only Purchase Intention and Word-of-Mouth have shown significant relationship on new customer acquisition and retention of the existing customer. Loyalty and Usage Quantity, on the other hand, iii only showed a positive relationship but they do not affect new customer acquisition and retention of existing customer. Overall, the findings of the study suggest that, given the limited resources of the insurance company, it should focus on the right factors to enhance customer experience and perception that will translate into better profit for the company. Furthermore, factors such as Customer Relationship Management, Relationship Quality and Customer Lifetime Value should be reviewed as parts of a holistic relationship to generate the desired result of attracting (acquiring) new customers and retaining existing customers, with the outcome of sustaining or improving company profit. 2018 Thesis NonPeerReviewed text en http://ur.aeu.edu.my/803/1/Brian%20Lim%20Kai%20Hoe-PhD_to%20print.pdf text en http://ur.aeu.edu.my/803/1/Brian%20Lim%20Kai%20Hoe-PhD_to%20print-1-24.pdf Lim Kai, Hoe (2018) The Influence of Customer Relationship Management and Relationship Quality on Customer Life Time Value in the Insurance Industry in Malaysia. Doctoral thesis, Asia e University. https://online.fliphtml5.com/sppgg/nsxr/?1603782662936
institution Asia e University
building AEU Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider Asia e University
content_source AEU University Repository
url_provider http://ur.aeu.edu.my/
language English
English
topic HF Commerce
spellingShingle HF Commerce
Lim Kai, Hoe
The Influence of Customer Relationship Management and Relationship Quality on Customer Life Time Value in the Insurance Industry in Malaysia
description Most of the previous research studies on the effect of Customer Relationship Management, Relationship Quality and Customer Lifetime Value are in parts, but they do not holistically explore the inter-relationship between these variables and how such relationships impact on new Customer Acquisition and Retention of existing customers. This study focuses on assessing these relationships by taking a different approach that emphasizes more of the customer perspective rather than the usual company perspective. It assesses the relationship effect of Customer Relationship Management (CRM), Relationship Quality (RQ), Customer Lifetime Value (CLV) and Customer Acquisition and Retention in the insurance industry. For the purpose of investigating the interaction magnitude among the constructs, Structural Equation Modelling (SEM) has been adopted. A total of 332 valid questionnaires have been used to analyse the relationship and 4 key outcomes were produced. The result from this study has shown that Customer Relationship Management has a direct positive effect on the Relationship Quality as well as Customer Lifetime Value (CLV). Also, it was established that the Relationship Quality (RQ) has a direct positive influence on Customer Lifetime Value (CLV) in terms of usage quantity, loyalty, word-of-mouth and purchase intention. Lastly, the study also confirmed that the inter-relationships between Customer Relationship Management (CRM), Relationship Quality (RQ) and Customer Lifetime Value (CLV) have positively affected new customer acquisition and retention of existing customer, but with a mixed outcome especially for Customer Lifetime Value. However, the results showed that only Purchase Intention and Word-of-Mouth have shown significant relationship on new customer acquisition and retention of the existing customer. Loyalty and Usage Quantity, on the other hand, iii only showed a positive relationship but they do not affect new customer acquisition and retention of existing customer. Overall, the findings of the study suggest that, given the limited resources of the insurance company, it should focus on the right factors to enhance customer experience and perception that will translate into better profit for the company. Furthermore, factors such as Customer Relationship Management, Relationship Quality and Customer Lifetime Value should be reviewed as parts of a holistic relationship to generate the desired result of attracting (acquiring) new customers and retaining existing customers, with the outcome of sustaining or improving company profit.
format Thesis
author Lim Kai, Hoe
author_facet Lim Kai, Hoe
author_sort Lim Kai, Hoe
title The Influence of Customer Relationship Management and Relationship Quality on Customer Life Time Value in the Insurance Industry in Malaysia
title_short The Influence of Customer Relationship Management and Relationship Quality on Customer Life Time Value in the Insurance Industry in Malaysia
title_full The Influence of Customer Relationship Management and Relationship Quality on Customer Life Time Value in the Insurance Industry in Malaysia
title_fullStr The Influence of Customer Relationship Management and Relationship Quality on Customer Life Time Value in the Insurance Industry in Malaysia
title_full_unstemmed The Influence of Customer Relationship Management and Relationship Quality on Customer Life Time Value in the Insurance Industry in Malaysia
title_sort influence of customer relationship management and relationship quality on customer life time value in the insurance industry in malaysia
publishDate 2018
url http://ur.aeu.edu.my/803/1/Brian%20Lim%20Kai%20Hoe-PhD_to%20print.pdf
http://ur.aeu.edu.my/803/1/Brian%20Lim%20Kai%20Hoe-PhD_to%20print-1-24.pdf
http://ur.aeu.edu.my/803/
https://online.fliphtml5.com/sppgg/nsxr/?1603782662936
_version_ 1683234520908693504
score 13.211869

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