Product Innovations and Financial Performance of Insurance Companies in Kenya

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dc.contributor.advisorJames Muturien_US
dc.contributor.authorMomanyi, Mosiere Johnson
dc.date.accessioned2023-08-01T06:07:27Z
dc.date.available2023-08-01T06:07:27Z
dc.date.issued2023
dc.descriptionA Research Project Submitted to the School of Business, Economics, and Tourism in Partial Fulfilment for the Award of Degree in Master of Business Administration (Finance) of Kenyatta University 2023en_US
dc.description.abstractNew and emerging risks in the insurance sector are often addressed through innovation that seeks to fulfil this gap. Although the Kenyan insurance sector has embraced innovation in terms of process, systems and products, its effect on financial performance is remains lowly untested particularly that of product innovation. The research aimed to underscore the outcomes of innovation in the insurance sector, particularly on financial performance. The overall aim of this research was to ascertain whether innovation leads to improved returns for firm operating in the industry. Precisely, the study sought to analyse how innovations in general insurance, life insurance, corporate insurance, and health affect performance. Additionally, the research employed descriptive design to establish any connection between the variables. The researcher targeted fifty-six insurance companies. A census of all the insurance companies was conducted to obtain data from the 56 heads of product development in each insurance company. Primary data was sourced through self-administered questionnaire with a Cronbach alpha of 0.7. Data was analysed through the Statistical Package for Social Sciences and presented through tables and charts. The study utilized a multiple regression model to conduct a statistical analysis and determine the link between innovative practices and performance. The findings reveal innovation is a common practice among insurance firms to enhance financial performance. Specifically, the study revealed that the companies have introduced new classes and policies to boost financial performance. The study concluded that there exists a moderate positive and significant relationship between general insurance innovations and performance of insurance companies in Kenya. The study concluded that there was a positive and significant relationship between life insurance innovations and life insurance innovations on the performance of insurance companies in Kenya. Moreover, the study concluded that there was positive relationship between health insurance innovations and performance. The study also concluded that there was positive relationship between corporate insurance innovations and performance of insurance companies in Kenya. The study recommends increased investment in innovation practices and benchmarking of best practices from countries with higher insurance penetration rates. Regulatory authorities should also minimize barriers that hinder innovation in this industry. Future studies can focus on product innovation through a comparative approach with other countries.en_US
dc.description.sponsorshipKenyatta Universityen_US
dc.identifier.urihttp://ir-library.ku.ac.ke/handle/123456789/26474
dc.language.isoenen_US
dc.publisherKenyatta Universityen_US
dc.subjectProduct Innovationsen_US
dc.subjectFinancial Performanceen_US
dc.subjectInsurance Companiesen_US
dc.subjectKenyaen_US
dc.titleProduct Innovations and Financial Performance of Insurance Companies in Kenyaen_US
dc.typeThesisen_US
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