The influence of insurance marketing strategy on competitive advantage and performance in Ghana

Ghana's insurance industry is currently facing significant challenges, including low earnings and underperformance, primarily because of poormarket penetration and ineffective marketing strategies. This study employed a qualitative approach to explore the perspectives of 12 insurance professionals, each with over 10 years of industry experience, to understand the factors influencing marketing strategies and performance outcomes. Findings of the study revealed that technological advancements, social factors, market characteristics, and profitability are critical in shaping effective insurance marketing strategies. The study identified key performance metrics for evaluating marketing effectiveness, including after-sales analysis, customer retention, cancellation rates, gross written premiums, underwriting profits, and periodic adjustments, as well as the influx of new applications. Theresearch highlighted the importance of product differentiation, technological innovation, bancassurance, staff training, capacity building, targeting untapped markets, and sustaining improvements as factors that significantly influence competitive advantage and organizational performance. Based on these insights, the paper offers practical recommendations for developing marketing strategies that address the unique challenges of the Ghanaian insurance sector, with an emphasis on improving customer engagement, expanding market reach, and enhancing overall industry performance.