Responses of jubilee insurance company of Kenya limited to Changing environmental conditions
The main objective of this study was to identify responses of Jubilee Insurance to the changing environmental conditions. The study also sought to determine the forces of change in the external environment of Jubilee. This study was occasioned by the realization that Jubilee Insurance has been experiencing environmental turbulence such as rapid political, economic, technological and socio-cultural changes. Also, little research has been undertaken in this area. The few researches done for example those of Mriti (2010) on responses by Fidelity Insurance to the changing environment and Keranga (2009) on responses by Government of Kenya Press to the external environment were never exhaustive. This study adopted a case study approach of the Jubilee Insurance firm. Data was collected by using an interview guide. The researcher himself interviewed all the top ten managers of Pensions, Finance, Human resource, Business Development, Operations, Marketing, Public Relations, ICT, Legal and Underwriting departments. Data was analyzed by content analysis. The study findings indicate that the Jubilee Insurance faced challenges in terms of increased competition, changes in customer tastes and preferences, technology and economic changes. The study findings identified various response strategies by Jubilee Insurance. These included generic strategies of cost leadership, differentiation and focus. Strategic leadership was identified as the most important Strategic response by jubilee insurance. Other responses included product diversification, market development and use of modern technology as well as the use of marketing strategies like improved distribution and fair pricing. The findings of the study imply that Jubilee Insurance should invest more in R&D, Innovations and the creation of a learning culture. The study faced constraints of lack of enough time, resources and unwillingness of the interviewees to give the correct responses. It is hoped that the findings of this study will be of great value to various groups like other industry players, the Jubilee management and scholars. Given the limitations, the researcher did not fully cover the objectives set out and therefore recommends that further research be done on the nature of competition posed by Jubilee Insurance’s other markets outside Kenya and the role of strategy in the growth of Jubilee Insurance business.