Impact of marketing strategies on customer satisfaction in insurance sector

On a global scale a number of insurers are competing and offering the customers a plethora of products. The customers are demanding quick and better service from the service providers. Forthe insurance companies to survive competition, they have to upgrade the quality, transparency and integrity to acquire and retain customers in long range. They need a set of offers and the value proposition to be delivered to the target potential customers, which needs a thorough market research to understand the needs of the customers and accordingly launching the products to match with customer's expectation for which organisations must continuously search for the development of its product and services through marketing innovation and creativity. This will playa very important role in achieving competitive advantage especially in the insurance industry where competition is much stiffed, through the forces of change brought into the industry by recapitalization and consolidation. The study was carried out to find out whether marketing innovation and creativity has an impact on achieving competitive advantage in the insurance industry. The study shows that marketing innovation and creativity are crucial in organisational success. It also concluded that through marketing innovation and creativity, the insurance industry can satisfy their customers which will improve their businesses and achieve a competitive advantage.