Strategic Orientation and Performance of Reinsurance Firms in Kenya
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Date
2022
Authors
Mwaniki, James Njiru
Journal Title
Journal ISSN
Volume Title
Publisher
Kenyatta University
Abstract
Companies have long understood that in order to be competitive, they must first design a sound strategy before realigning its structure, systems, leadership style, human resource policies, culture, values, and management processes effectively. Both old and freshly started insurance companies are finding it increasingly difficult to do business. The current study sought to determine impact of strategic orientation and performance of reinsurance firms in Kenya. The study objectives were: to establish the impact of entrepreneurial orientation on performance of reinsurance firms in Kenya, to determine the effect of market orientation on performance of reinsurance firms in Kenya and to evaluate the impact of learning orientation on performance of reinsurance firms in Kenya. The study was anchored on strategic adaptation theory and the Resource Based View theory. The descriptive research design was adopted in this study. The study targeted 200 respondents drawn from reinsurance firms in Kenya, taking a sample of 100 respondents. The data was gathered through questionnaire. The goal of the pilot study was to improve the research instrument‟s validity. The data was examined in two ways: descriptively and inferentially. Frequency tables, bar charts, and pie charts were used to illustrate the studied data. The coefficient of correlation R was found to be 0.918, indicating a good association between the variables. The findings also established that coefficient of R2 was 0.843 which translates to 84.3% of the performance of reinsurance firms due to changes in the independent variables. Entrepreneurial attitude improves reinsurance competitiveness and performance, according to the research. The need for a high-level orientation team to push the entrepreneurial orientation agenda and favorably affect the organization's performance is thus critical. According to the findings, reinsurance company executives should ensure that rules are in place to guarantee that the values and practices of innovation, proactiveness, and risk-taking are embedded in how business decisions and execution are made.
Description
A Research Project Submitted to the School of Business, Economics and Tourism in Partial Fulfillment of the Requirements for the Award of Degree of Master of Business Administration (Strategic Management) of Kenyatta University,November 2022
Keywords
Strategic Orientation, Performance of Reinsurance Firms, Kenya