Market Growth Strategies and Performance of Insurance Companies During Covid-19 Pandemic Period in Kenya

Abstract

The objective of the study was to establish the relationship between market growth strategies and performance of Insurance Companies during Covid-19 in Kenya. The study investigated various dimensions of market growth strategies such as product development, market development as well as online shares and innovations. The research employed a cross-sectional research design and data was collected among all Insurance Companies in Kenya. Primary data was collected through the use of questionnaire method and the analysis was done using descriptive statistics and regression analysis models. The findings revealed that the adoption of market growth strategies improve the performance of the insurance companies in Nairobi Kenya. The study also established that market growth promoted performance in terms of profitability, high customer value, high quality services, smooth operations, increased market share, low costs of operations and increased customer base. The study also found that market development strategies are most critical in enhancing customer base through building customer loyalty. Market development strategies play an important role in building customer base, enhancing the company’s smooth operations and increased market share. The results established that market development strategies did not affect the cost of operations of the companies and it helps improved performance of the companies. The study concluded that Insurance Companies should adopt market growth strategies to promote their performance during Covid-19 pandemic. The research recommends that organizations top management and policy makers should make efforts to adopt market growth strategies such as diversification and innovation in order to promote their performance.