Strategies Adopted by Britam Plc Kenya to Gain Competitive Advantage in the Insurance Industry in Kenya

Abstract

The insurance industry in Kenya has for almost a decade been encountered by various challenges such as increased level of competitiveness in the insurance industry, market dilution by fraudulent activities among other challenges. Insurance firms are struggling to gain competitiveness with others adopting various competitive strategies to survive. Against all odds, Britam has been in the forefront of the best performing insurance companies for quite some time. This study focused on strategies adopted by Britam Kenya to gain competitive advantage. The study adopted case study method while interview technique of primary data collection was utilised. In data analysis, the researcher adopted content analysis method which involves presentation of both conceptual and rational information. In data analysis, findings identified that Britam Kenya has fully adopted differentiation, diversification, technological advancement, product development and cost leadership strategies. The study also concluded that there is relationship between strategies adopted by Britam and attainment of competitive advantage. The study recommendations focused on the need for the management to review policies and address strategies which can effectively enhance long-term competitive advantage in the insurance industry. Other recommendations were in relation to effective research and development, environmental scanning towards identification of organization’s strengths and weaknesses and also enhancing management commitment in implementation and review of organizations policies. The study finally recommended that future studies should focus on addressing strategies adopted by the insurance industry in general where every insurance point of view should be addressed towards making general conclusion on insurance industry in Kenya.