Critical success factors adopted by CIC insurance Group Limited in Kenya
The insurance industry plays a significant role in the Kenyan economy. Awareness of the CSFs allows firms to concentrate their efforts on resources considered important to the industry to achieve success. The main objective of this study was to identify eSFs of effective insurance industry. The research design was a case study design. The primary data was collected using interview guide. The interviewees were branch manager at head office, operations manager, strategy and development managers and business development manager at eIe Group Limited in Kenya. The qualitative analysis was done using content analysis. From the findings, the study concluded that the mission of the eIe Insurance Group Limited was: To provide financial security to the people through the corporative spirit. On the other hand, The Vision was: To be a world class provider of insurance and other financial services through cooperative spirit. The key factors considered in formulating strategies at eIe Insurance Group Limited included; the company vision, mission, the growth opportunities available for the company in the market, the unexploited market, being a dominant player in the industry, CtC unique history of being owned by cooperatives hence it has a special focus on cooperative and ordinary Kenyans, the company being innovative and' competitive, the shareholding of the company, its resources. The company used balance scorecard in implementing the chosen strategies. The company also implemented the chosen strategies by coming up with strategic business unit to handle the identified market, opening up more distribution channels. The strategic implementation in the organization was carried out by the group CEO, managing directors and all managers, heads of department, and senior management team. The critical success factors that have enabled eIe Insurance group included; proper planning, clear communication, shared values, open door policy, empowerment of staff, partnership within cooperatives sector, strengthening existing channels, focusing on customer service, establishment of call centers, investment in staff satisfaction, product offering, culture, customer service, innovative distribution channels, teamwork and empowerment, good and visionary leadership, updated lCT systems, innovation and research. The critical success challenges include fast growth strain, inadequate capital, erosion of company values and stiff and unhealthy competition. The study recommends that the management of ClC Group Limited should offer regular training to its human capital to equip them with skills and expertise in order to keep its workforce efficient in its implementing its mandate. The study recommends that the management of ClC Group Limited should review their policies guiding the formulation of CSFs and identify the existing gaps to address the missing links in the policies. The study recommends that the company structures should be reorganised into strategic business units to be able to respond to customers' needs in the shortest time possible to enhance efficiency and improved customer loyalty.