Marketing strategies and the growth of the insurance sector: a case study of jubilee insurance company limited in Uganda

The study investigated the relationship between marketing strategies and the growth of the insurance sector using a case study of Jubilee Insurance Company, Uganda. The research was guided by the following objectives: to establish the relationship between market segmentation and growth of the insurance sector; to find out the relationship between product differentiation and growth of the insurance sector and to find out the relationship between positioning strategy and growth of the insurance sector in Uganda. The study adopted a correlational research design. The study employed a mixed method research approach comprising of both qualitative and quantitative methods. Data was collected from 78 respondents through questionnaires, interviews and documentary analysis. Descriptive and inferential analysis was used in the analysis of quantitative data while content analysis was used in the analysis of qualitative data. The study findings revealed the existence of a strong, positive and significant relationship between: market segmentation and growth of insurance (r = 0.812); product differentiation and growth of insurance (r = 0.897) and brand positioning strategy and growth of the insurance sector (r = 0.960). The independent variables were found to significantly predict the growth of the insurance sector with an R2 = .925. It was concluded that the key factor for the growth of the insurance sector is brand positioning strategy (Beta = 0.290). The study recommends that insurance companies: reach out to the uninsured section of the population; open up to innovation; invest in training insurance agents and design utility based marketing strategies.