Explaining the customer lifetime value (CLV) model in insurance companies with a mixed approach

Rahimi Kolour, H.; Mohammadkhani, R.

doi:10.22056/ijir.2024.01.03

Document Type : Original Research Paper

Authors

Department of Business Management, Faculty of Social Sciences, University of Mohaghegh Ardabili, Ardabil, Iran

https://doi.org/10.22056/ijir.2024.01.03

Abstract

BACKGROUND AND OBJECTIVES: The use of new marketing techniques in today's businesses is highly needed by all organizations. One of the important issues in the field of customer retention is the customer's lifetime value. Customer lifetime value has a great impact on optimizing the performance of companies, including insurance companies. The purpose of this research is to identify the influencing factors on increasing the customer lifetime value of insurance companies.
METHODS: This research is a type of mixed research with a qualitative and quantitative approach, which is a survey study in terms of its purpose, application, and in terms of data collection. The research population includes managers, experts, and university professors from insurance companies and organizations. who were selected using the snowball sampling method. In the qualitative part, the data collection tool was an interview, and in the quantitative part, a questionnaire was used to identify the categories, and a semi-structured interview was used, and a questionnaire was used to validate the model. In the qualitative part of the data analysis method, the data theory approach was based on the Strauss and Corbin method, which was compiled using MAXQDA software and using the coding method, and in the quantitative part, the analysis method was based on Kendall's correlation test. In order to examine the validity of the research in the qualitative part, the Cressol model was used along with content validity and intra-coder and inter-coder reliability, and in the quantitative part, in order to test the validity of the research, content validity and retest validity were used.
FINDINGS: The findings of the study identify 9 causal factors, 3 strategic factors, 4 intervening factors, and 3 contextual factors that contribute to increasing customer lifetime value in the insurance industry.
CONCLUSION: The conclusion of the research is the presentation of a model that includes causal, contextual, and intervening conditions, along with strategies to increase customer lifetime value and their consequences in the insurance industry.

Keywords

Main Subjects

Marketing and Sales

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Iranian Journal of Insurance Research

Explaining the customer lifetime value (CLV) model in insurance companies with a mixed approach

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Volume 13, Issue 1 - Serial Number 47
November 2024
Pages 29-42

Explaining the customer lifetime value (CLV) model in insurance companies with a mixed approach

References

References

Letters to Editor

Send comment about this article

Volume 13, Issue 1 - Serial Number 47November 2024Pages 29-42

Volume 13, Issue 1 - Serial Number 47
November 2024
Pages 29-42