| dc.description.abstract | The study was set to determine the challenges of implementing competitive strategies in the insurance industry in Kenya. The objectives of the study were to determine the challenges of implementing competitive strategies in the insurance industry in Kenya and to establish what the insurance industry in Kenya does to cope with the challenges of implementing competitive strategies. The study is important because . it assisted developing strategies for sustainability, identifying priority areas for actions so as to gain Competitive Advantage. Together, vision, mission and values provide the parameters within which decisions should be made and resources expended.
The study was a census survey, which sort to establish the challenges faced by the insurance industry in Kenya, while implementing competitive strategies focusing on best ten insurance companies (top ten). Primary data was collected by use of a questionnaire. Data analysis techniques used in the study were descriptive statistics (cross tabulation, frequency, percentage, mean and standard deviation) and factor analysis.
Key finding from the study were; areas of competition experienced mostly by insurance organizations in the last five years included customer satisfaction profile, prices, products differentiation and technological advancement. Most of the insurance organizations change their structures on semiannual and annual basis. Challenges affecting strategy implementation process in the insurance industry were poor leadership styles, lack of management commitment, poor communication and failure to come up with corrective measures for any deviations.
The key challenges faced in applying its competitive strategies by insurance organizations; internal challenges, external challenges and staff turnover. mechanisms used to cope with strategy implementation challenges in the insurance industry involvement of stakeholders through the implementation process, use of teamwork to implement strategy, training and developing of strategy objectives to staff, structural adjustment to suit the strategy, communicating of objectives to stakeholders, use of measurement scales for achievement of objectives and use of a process map/flow charts for implementation. | en_US |
