| dc.description.abstract | The desire to place in the hands of managers instruction bearing specifically upon the need, importance, methods and reward earnest consecrated endeavor, has led to a comprehensive study of the situation in the insurance agencies. Hence the work is a compilation of counsel on how to implement the strategic management decisions in a world side-tracked by competition and mesmerized by change in the environment. Bancassurance, a method of distributing insurance products through the bank network is a global movement that is gradually breaking down the traditional barriers between the various businesses of supplying financial products and services. The aim is to provide banking and insurance products through a common distribution channel and/or to the same client base.
As a result of adoption of Bancassurance, insurance companies and intermediaries in many countries have begun implementing changes to help them mitigate the impact of the turbulent business environment. These changes have required significant buy-in at high levels of the organization, analysis of the institution and its clients, and the foresight and strategic planning to implement new activities that will strengthen the intermediary's performance in this difficult environment.
This study sought to establish the strategic responses which have been employed by insurance Agents in Kisumu to cope with the adoption of Bancassurance. The study was guided by the following specific objectives: (i) to establish the strategic responses which have been employed by insurance Agencies in Kisumu to cope with the adoption of Bancassurance; and (ii) to identify the challenges faced by the Agencies in implementing the strategic responses to Bancassurance. On the basis of the findings of study, the insurance agents need to continuously scan the environment in order to identify and address all challenges posed by changes in the environment. In addition, the agents need to put in place strategic plans and strictly adhere to them. | en_US |
