IMPACT OF DIGITIZATION AND MOBILE APPLICATIONS ON CUSTOMER EXPERIENCE IN NIGERIAN INSURANCE SECTOR
Abstract
The paper will explore how the customer experience in the Nigerian insurance industry has been affected by digitization and mobile apps, and specifically AIICO Insurance Company. The study took a survey research design where primary data is collected using a sample size of 120 out of 1,000 customers using Epinfo software to select the sample size after which they agreed that the mobile app can be customized to make them feel more appreciated and 68.3% of the respondents claimed to be valued more when their settings were personalized. The average score of customer satisfaction was 4.25, which depicted a positive influencing relationship between the service utilization and retention, with the R-square value of 0.727, translating to the fact that 72.7 percent of the retention variance is attributed to the usage of digital platforms. Moreover, the customer perception model returned a statistically significant positive coefficient ( = 0.2103, p = 0.000), which demonstrates that customization has a vital role in the results of improving customer perception, satisfaction, and loyalty in the Nigerian insurance market by means of digitization and the use of mobile applications.Besides, the model of customer perception presented an R 2 of 0.938, revealing an excellent fit, and the coefficient of customization is statistically significant ( = 0.2103, p = 0.000 It suggests that insurers should invest in easy-to-use, customisable online platforms, improve on cybersecurity, and embrace omnichannel strategies to address the changing customer demands. The study adds to the accumulating literature in the area of digital transformation in financial services in emerging markets and offers some practical implications to the insurers intending to enhance their competitiveness by relying on the technology-based customer experience.Rapid increase in digitization, the use of mobile applications, customer experience, customer retention, customizing services to customers, the insurance industry, and Nigeria have been selected as key keywords to focus on.
Keywords: Digitization, Mobile Applications, Customer Experience, Customer Retention, Service Customization, Insurance Sector, Nigeria
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