Strategic Planning Practices and Performance of Liberty Life Assurance in Kenya

Abstract

Strategic planning can be useful for motivations behind; gathering, breaking down, and combining data to consider its strategic essentialness and casing conceivable decisions; creating considered judgments among key leaders about attractive, attainable, faultless, and satisfactory missions, objectives, systems, and activities. The point of the examination was to look at the impact of strategic planning rehearses on execution of Liberty Life Assurance in Kenya. This research study used a case study research design to address the objectives of the study. The research used an interview guide to collect data. The interview guide targeted senior staff involved in strategic planning in the head office at Liberty Life Assurance. This was done by using semi-structured open-ended questions to give the research a qualitative approach. The interviewers consisted of seven senior staff Liberty Life Assurance. The data collected was analyzed using the content analysis technique. The examination built up that strategic planning practice to incorporate expanding income accumulation through advancing consistence with Kenya's duty, exchange and outskirt enactment and control by advancing the guidelines set out in the Taxpayers Charter and mindful implementation by profoundly energetic and proficient staff. The study further established that that Liberty Life Assurance conducts expert analysis before choosing a strategic planning exercise but in rare cases. The study established that that strategic planning in the organization resulted in efficient and effective decision making policies that led to organization performance. The study built up that the advantage of a strategic planning discipline is that it encourages powerful basic leadership, better determination of strategic alternatives and cooperation. The study additionally settled that strategic planning in connection to the different insurance agencies yielded a finish of abnormal state of understanding since every one of the methods were over the upper quartile which shows assention. The study inferred that the advantage of a strategic planning discipline is that it encourages powerful basic leadership, better determination of strategic alternatives and collaboration. Likewise, respondents showed that strategic planning helps in obviously characterizing the reason for the association and to building up practical objectives and destinations predictable with that mission in a characterized time allotment inside the association's ability for usage which helps in compelling basic leadership strategies. The study suggested that Strategic planning is the key and guide to be copied by any insurance agency that needs to prevail in the unforgiving business atmosphere.