Strategy implementation at gateway insurance company limited (kenya)
Companies need to have effective strategies in order to cope with today’s ever changing environment. Strategic management process is divided into three phases/segments, that is, formulation, implementation and control. The main critical phase of strategic management process is the implementation stage, (translating strategic thought into organizational action). Strategy implementation is concerned with how the choices will be put into effect and how to manage changes required in the process. Strategy implementation therefore is a crucial phase because it unites the organization between formulation and evaluation. Strategy formulation, important as it may be, needs to be followed by proper strategy execution; otherwise, the strategy formulated will not be realized. With the accelerating dynamics of competition, the key to competitiveness no longer lies in employing strategies, which have been successful in the past or in emulating strategies of successful competitors. Real competitive advantage results from developing strategies that will differentiate the organization from its competitors in the eyes of the customers. This study analyzed the strategy implementation procedure of Gateway insurance company Kenya, and the challenges it incurred when implementing the strategies. Gateway Insurance Company began transacting business in Kenya in 1982. Today it has a total of fifteen branches nationwide and many general insurance products to satisfy the needs of its target customers. Over the years, the company has been implementing various strategies to cope with the harsh competitive environment in order to survive. The study unraveled the various implementation procedures, citing its strengths and weaknesses, the study utilized a case study design in which an interview guide was used on five senior managers of the company based in Nairobi County. Qualitative analysis on the data was done using content analysis. The study found out that there needs to be integration of strategy in accordance with the core competencies of an organization putting into perspective the various changing trends in market forces. Thus if strategy puts the above into consideration with good top down communication then most definitely successful implementation would be achieved. Currently most insurance companies have implied their course in implementation of their strategic plans and thus this study should act as a bench mark in the industry for results and quality assurance across the sector. This will thereby promote comparability of challenges among the insurance companies in Kenya and particularly during implementation of their respective Strategic plans.