British Journal of Marketing Studies (BJMS) Vol. 8, Issue 2, pp.77-95, March 2020 Published by ECRTD- UK Print ISSN: 2053-4043(Print), Online ISSN: 2053-4051(Online) 77 INFLUENCE OF CUSTOMER RELATIONSHIP MANAGEMENT ON CUSTOMERS’ RETENTION IN THE INSURANCE INDUSTRY IN ACCRA, GHANA Ibrahim Ofosu-Boateng Lecturer/Dean of Students, Faculty of Business and Administration, West End University College Amanfro, Ghana P. O. Box AN 15796, Accra North ibraboat48@yahoo.com ABSTRACT: The study examines the influence of customer relationship management on customers’ retention in the insurance industry in Accra, Ghana. The objective of the study was to examine the relationship between customer relationship management and customers’ satisfaction in the insurance industry in Accra, Ghana; to determine the relationship between customer relationship management and customers’ retention in the insurance industry in Accra, Ghana and; to identify the challenges obstructing customer relationship management’s strategies in the insurance industry in Accra, Ghana. Convenience sampling technique was used to gather data form a sample of 200 customers of insurance firms in Accra, Ghana, using structured interview guide and data analyses carried out using SPSS version 20. The findings of the study showed a direct effect of customer relationship management on customers’ satisfaction. Also, the study revealed a significant positive relationship between customer relationship management and customers’ retention. Based on these findings, the study recommends that the insurance industry in Accra, Ghana, should continue to deliver excellent customer service to customers in order to keep satisfying them. This can be achieved by understanding their expectations and meeting them. More so, the study recommends insurance firms in Accra, Ghana, to continue to deliver value laden-relationships with customers in order to keep retaining them since retention is key in any given competitive business environment. KEY WORDS: customer service, customer retention, customer satisfaction, customer relationship management. INTRODUCTION Background of the Study Several organizations around the globe spend a significant part of their time, energy and resources chasing new business. Even though it is important to replace lost business, grow the business and expand into new markets, one of the primary goals is to keep existing customers and enhance customer relationships (Weinstein, 2012). Thus, the cost of acquiring new customers can be up to 10 times the cost of retaining existing ones, and even a small increase in retention rates can add thousands of dollars to premium revenue Kotler, (2009). Although finding new customer is very important, the emphasis is shifting towards retaining profitable customers and building lasting relationship with them (Kotler & Armstrong, 2011). Companies have also discovered that losing a customer means losing not just a single sale but also a life time’s worth of purchase and referrals. In effect, the double goal of marketing is to attract new