Analysis Self Evaluation Technique on Performance of Insurance Companies in Kenya: A Case of Kenya Orient Insurance Limited, Kenya
Abstract
Performance of insurance companies in Kenya has been something that has kept insurance companies use various strategy evaluation techniques so as to assess the direction of the company in terms of performance and in order to stay competitive over their competitors. Kenyan insurance companies have generally experienced poor performance in the Gross written premium and combined ratio which we attribute this to inappropriate or inefficient strategy evaluation techniques used by the affected companies in evaluating the chosen strategies. According to the January – December 2017 IRA industry report, gross premium written by the last quarter of 2017 in the Kenyan insurance industry stood at 207.68 Billion representing a slow growth of 6.6% compared to an annual growth of 12.3% in a similar period in 2016. Cyton FY2015 insurance sector report also shows that the combined ratio of Kenyan insurance industry in 2015 was 110.6% as compared to that of morocco in the same year which was 78.0%. This study analyzed the influence of strategic evaluation techniques on the performance of insurance companies in Kenya. The study was guided by four research objectives namely; to analyze the influence of 360 degree evaluation technique influence the performance of insurance companies in Kenya, To analyze influence of Key Factor Rating influence the performance of insurance firms in Kenya; To analyze effect of Balanced Score Card on the performance of insurance companies in Kenya and to analyze the influence of self-evaluation technique have a significant influence on performance of insurance companies in Kenya. The main study population was limited to Kenya Orient Insurance Limited. In this study, the researcher used descriptive research as most of the research questions sought to find out how and what. Descriptive statistics was used to describe the data using as frequency tables, measures of central tendency and percentages. The population study comprised of 154 employees comprising of managers, supervisors and service associates. A census sampling technique was applied in this study so as to draw the whole population to a sample size. A target population of 154 was therefore used. In order to find out answers to the research questions, a questionnaire was applied as the data collection instrument. The data collected was then coded and put in to a Scientific Package for Social Scientists (SPSS) programme or a Microsoft excel work sheet and presented in form of tables and figures. Analysis will was done using Microsoft excel and SPSS. Data analysis presentation was in form of charts, graphs and tables. It is highly hoped that the findings of this study will provide a policy framework to be adopted by KOIL and other related organization on how to structure their strategy evaluation techniques to maximize their business potentials
Keywords: Analysis of Strategy, Evaluation Techniques, Performance of Insurance.
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