Strategic change and leadership at Madison insurance company Kenya limited
Strategic change and leadership is important for any organization because, without it, businesses would likely lose their competitive edge and fail to meet the needs of the stakeholders. To remain competitive, organizations need to undergo strategic changes and establish excellent leadership with the aim of growing their businesses, attracting and retaining customers. Most organizations face challenges in effecting strategic changes and lack clarity in leadership that is guiding the process. The insurance industry in Kenya has faced environmental turbulence in the recent years due to increase competition, mergers and acquisitions. This study investigates strategic change and leadership at Madison Insurance Company, one of the leading insurers which has faced challenges in the industry as result of the changes. The research design is a case study of the organization and data was collected using an interview guide for primary data and desk search technique for secondary data. The data was then analyzed using content analysis technique. The study found that due to the stiff competition in the market, Madison Insurance lost its market leadership hence losing clients leading to reduced market share. To correct this, the organization rebranded in the year 2012 and in the process reviewed its long term strategic plan. The study also found out that the organization reviewed its process seeing changes in IT, customer service, human resource, products, branch network, distribution and the organization culture. These changes were communicated in the market through a marketing campaign, advertisement and promotions. However, for this pace to be maintained the organization needed to invest more resources in advertisements and promotions to be continuously felt. The study also recommends that the rebranding manual should be implemented fully with constant follow up by departmental managers to ensure successful transition. The service charter should also be adhered to and reward system set up to motivate employees to implement them every day.