| dc.description.abstract | ABSTRACT
In the insurance industry, increased competition threatens the attractiveness of the industry and reduces the profitability of the players in the sector. It exerts pressure on insurance companies to be proactive and to formulate successful strategies that facilitate proactive response to anticipated and actual changes in the competitive environment. Insurance companies therefore focus on gaining competitive advantage to enable them respond to, and compete effectively in the market. The objective of the study was to investigate the effectiveness of competitive strategies adopted by insurance companies in Kenya. Descriptive research design in form of a survey was used in this study. The study being a survey implied that data was collected from all the 44 insurance companies in Kenya. In order to investigate the effectiveness of competitive strategies adopted by insurance companies in Kenya, self-administered drop and pick questionnaires were distributed to managers currently employed by insurance companies in Kenya. Descriptive analysis was employed; this included the use of weighted means, standard deviation, relative frequencies and percentages. The relationship between competitive strategies employed by insurance companies and performance of the companies is positive as the strategies have aided insurance companies to possess various strengths such as strong marketing abilities, highly differentiated, high quality services, good service engineering and good customer reputation. The study will be of great importance to policy makers in the insurance industry as they will put in place strategies in response to demand for insurance services that will aid them in provision of essential services to their target customers. | en |
