Growth Strategies and Performance of Geminia Insurance Company Limited

Abstract

Growth strategy is a well-thought out vision of the direction a business pursues and the manner in which it is to be done. Growing a business means formulating and adopting strategies that will generate the business more profit, attract and please customers, enable the business to compete successfully with similar companies in the industry, conduct operations and improve the organization’s financial and market performance. This formed the foundation of this study as it sought to establish how growth strategies influence performance of Geminia Insurance Company Limited. The agency theory, the resource-based theory and the theory of the growth of the firm formed the theoretical foundation. A historical research design was adopted. Both primary and secondary data was used. The primary data was collected using an interview guide. The targeted respondents for this research were the general manager, general manager-life insurance, head of marketing and business development, underwriting manager- general insurance, underwriting manager- life insurance and the operations manager giving a total of six respondents who are expected to have an in-depth understanding of Geminia growth strategies. On the other hand, ssecondary data was also collected from annual reports, performance evaluation reports, strategic plans and other reports of Geminia Insurance Company Limited. The data obtained was analyzed qualitatively using content analysis. The study concluded that growth strategies influenced the performance of Geminia Insurance Co Ltd. The specific growth strategies included product development strategy, market development strategy, market penetration strategy and diversification strategies. The study concluded that adoption of these strategies has influenced performance positively. Specifically, the performance of Geminia Insurance Co Ltd had improved in terms of improved customer satisfaction, improved profitability, increased market share and improved efficiency in service delivery. Based on the study findings, it was recommended that Geminia Insurance Company Limited should explore and adopt more growth strategies as they impact performance positively. Particularly, the company should allocate a larger budget to advertisement so that it manages to advertise exhaustively across all platforms. Additionally, the company should put more emphasis on automation of its processes as technology advancement is changing the way of business operations. Hence, to remain relevant in the market, the company should leverage on the power of technology. The study also recommended that Geminia Insurance Company Limited should improve its customer care services