Strategies Adopted by First Assurance Limited Company to Gain Competitive Advantage

Abstract

During the past decade, the insurance sector has undergone a series of changes through legal and financial reforms, advancement of communications and information technologies, globalizations, economic development and social dynamics. These changes coupled with the increasing market opportunities and price undercutting, competition has grown increasingly intense. The players in the insurance industry have had to apply strategies that will help them achieve and sustain their competitive advantage in the industry. The aim of the study was to establish the strategies adopted by First Assurance Limited to gain competitive advantage in the insurance industry. The study adopted a case study design and utilized both primary and secondary sources of data, obtained for information of the study. The research instrument was an interview guide in particular, pre-planned, unstructured questions collected through personal interviews. The data collected was analyzed using content analysis. The study concluded that First Assurance Limited mainly focuses on the differentiation strategy achieved through targeting consumers able to value and afford high quality products and service delivery. As a result their high quality products and service delivery give them the competitive advantage over their competitors. The study recommended that the business entity should engage in other diverse marketing strategies other than cross selling to enhance their visibility