Effect of Strategic Responses on Competivenessof Insurance Brokers in Kenya
View/ Open
Date
2021Author
Mwangi, Pauline, W
Type
ThesisLanguage
enMetadata
Show full item recordAbstract
Thisstudy sought to determine the effect of strategic responses on competitiveness of
insurance brokers in Kenya. The study employed a descriptive research design and
study’s population comprised the 188 insurance brokers in Kenya as of July 2020. The
study thus undertook a census design to select the 188 insurance brokers with the unit of
analysis being the brokerage firms’ managers. The study used primary data, which was
collected usingquestionnairesthatwere dropped to the brokerage firms’ managers or their
equivalents and picked after two weeks for the brokerage firms within Nairobi and
emailed to brokerage firms outside Nairobi. Descriptive and inferential statistical tools
was used for data analysis using the SPSS statistical software. Inferential statistics
entailed regression analysis, which was used to determine the variables interrelationship.
The study findings revealed that market expansion, diversification and cost cutting were
the largely adopted strategies while innovation, strategic alliances, strategic outsourcing
and downsizing were moderately adopted by the insurance brokerage firms. Regression
analysis results revealed that diversification, innovation, market expansion, cost cutting
and downsizing had a positive and significant effect on competitiveness of the insurance
brokers in Kenya. Further, the study found that strategic alliances and strategic
outsourcing had an insignificant and positive effect on competitiveness of the insurance
brokerage firms in Kenya. The study concluded that that market expansion,
diversification and cost cutting were the largely used strategic responses strategies while
innovation, strategic alliances, strategic outsourcing and downsizing were the moderately
used strategic responses by insurance brokers in Kenya.The study also concluded that
that diversification, innovation, market expansion, cost cutting and downsizing response
strategies significantly enhanced competitiveness of the insurance brokers in Kenya while
strategic alliances and outsourcing does not significantly enhance the competitiveness of
the insurance brokerage firms. The study recommended thatthe management of the
insurance brokerage firms ensure they diversify their activities, undertake innovative
initiatives, expand to new as well as the current market to ensure their services and
products reach a wider audience to enhance their competitiveness as well as performance
of their firms.
Publisher
University of Nairobi
Rights
Attribution-NonCommercial-NoDerivs 3.0 United StatesUsage Rights
http://creativecommons.org/licenses/by-nc-nd/3.0/us/Collections
- School of Business [1311]
The following license files are associated with this item: