Abstract:
The study is about the impact of marketing strategies on performance of insurance companies in Rwanda. A case of Sanlam life insurance. Specifically this study analyzed the performance of Sanlam life insurance; determined the effect of promotional strategy to the performance of Sanlam life insurance, analyzed the effect of products innovation to performance of Sanlam life insurance; analyzed the effects of pricing rationalization strategy to performance of Sanlam life insurance; investigated the effect of distribution strategy to the performance of Sanlam life insurance and examined the effect of social media marketing strategies to the performance of Sanlam life insurance. In virtue to the main purpose of this study, researcher designed an appropriate research methodology and used the interview, observation, documentation and questionnaire techniques to collect and analyze relevant data which allowed the researcher to obtain the following findings: Regarding to the impact of product innovation strategy on the performance of Sanlam life insurance, results shows that, 70.2% of the total respondents strongly agreed that SANLAM LIFE INSURANCE always made innovation in its product to meet customer needs. On the issues of the impact of pricing rationalization strategy on the performance of Sanlam life insurance, results shows that 64.9.% strongly agreed that Sanlam life insurance use penetration price strategy to infiltrate markets and achieve a large market share.
Regarding to the impact of distribution strategy on the performance of Sanlam life insurance, results shows that 66.7% strongly agreed that locating branch in accessible place help SANLAM LIFE INSURANCE to increase the number of customers On the issues of the effects of promotional strategy on the performance of Sanlam life insurance, results prove that 56.1% agreed that through Persuasive advertising SANLAM is able to create liking, preference, conviction and purchase of a product or service. On the other side researcher realized that 70.2 % agreed that social media is important in the communication with the consumers in Sanlam life insurance to attract their purchasing decisions. Regarding to the relationship between the variable under study regression analysis shows that independent variables that were studied, explain only 86.3% of the performance of Sanlam life insurance as represented by the R2. This therefore means the five independent variables contribute about 86.3% to the performance of the company understudy while other factors not studied in this research contributes 13.7% of the performance of Sanlam life insurance.
