Competitive strategies adopted by Insurance brokers in Kenya to enhance competitive advantage
Abstract
The main aim of the study was to establish the competitive strategies adopted by
insurance brokers in Kenya to enhance competitive advantage. The study had specific
objectives that included; to establish the competitive strategies adopted by insurance
brokers to gain competitive advantage in Kenya and to determine the challenges faced by
Kenyan insurance brokers in adoption of the strategies. The study was grounded on two
theories; resource based theory and competency-based theory. The study employed a
descriptive research design. The study population involved all the 196 insurance brokers
in Kenya and the list obtained from the Insurance Regulatory Authority and Association
of Insurance Brokers of Kenya. The relevant data which was required for this research
was gathered from primary sources, through the use of a questionnaire which consisted of
both open ended and close ended questions. The primary data was collected from the
insurance broker firms’ top executives who formed the study respondents. Descriptive
analysis was used to analyse the data collected. The findings were presented using charts
and tables. Qualitative data drawn from open-ended question in the questionnaire were
analyzed by summarising the set of observations drawn from the respondents. The study
findings established that competitive strategies adopted by insurance brokers in Kenya
have contributed to the enhancement of its competitive advantage and is the main reason
why the majority of the firms indicated that they develop competitive strategies. The
main competitive strategy adopted by the firms is service differentiation. The study also
concludes that insurance broker firms often achieve the strategies formulated and firms in
the industry should constantly evaluate their competitive strategies with an aim of staying
ahead of the competition
Publisher
University of Nairobi
Description
Thesis