scholarly journals CHALLENGES OF STRATEGY IMPLEMENTATION BY INSURANCE COMPANIES IN KENYA

2017 ◽  
Vol 2 (2) ◽  
pp. 1
Author(s):  
Zipporah N Munge ◽  
Dr. Regina Kitiabi
Keyword(s):  
Regulatory Authority ◽  
Computer Software ◽  
Implementation Process ◽  
Capital Requirements ◽  
Strategy Implementation ◽  
Survey Study ◽  
Insurance Companies ◽  
Primary Data ◽  
Macroeconomic Factors ◽  
Implementation Challenges

Purpose: The purpose of the study was to determine the challenges of strategy implementation by insurance companies in Kenya.Materials and methods: The study made use of primary data that was collected using questionnaires. Since the study involved the use of questionnaires, descriptive survey study was employed. The study population used included all the 46 insurance companies operating in Kenya as at August 2014. A list of the insurance companies in Kenya was obtained from the Insurance Regulatory Authority (IRA). A census of the 46 insurance companies was used.  Therefore, sampling was not applicable in this study. After data has been collected through questionnaires, it was prepared for readiness of analysis by editing, handling blank responses, coding, categorizing and keying into Statistical Package for Social Sciences (SPSS) computer software for analysis. SPSS was used to produce frequencies, descriptive statistics which were used to derive conclusions and generalizations regarding the population.Results: The results from the study showed that among that the macroeconomic factors considered to affect strategy implementation were; strict guidelines for compliance with legal, regulatory and capital requirements, high technology advancement, and high inflation rates and low purchasing power of customer whereas the industry specific challenges that affected strategy implementation included; threat of price wars, stiff competition, rivalry among insurance companies and  strong bargaining power from clients. Lack of staff involvement, bureaucratic structures and procedures in the company, poor communication of deliverables, and lack of clear guidelines in implementation, were among the internal factors that affected strategy implementation. The study also found out that strategy responses adopted by insurance companies in order to effectively implement their strategies included; rewards being linked to strategy implementation in order to enhance effective execution, lobbying through the Association of Kenya Insurers (AKI) to address regulatory, economic, political and environmental challenges, reliance on support from the Insurance Regulatory Authority (IRA) to address challenges in pricing and price wars.Recommendations: The study recommended that in order to address the strategy implementation challenges companies must first, avoid resistance by employees towards strategy implementation by ensuring employee involvement in the process, secondly, the companies should also work in lessening the bureaucratic structures and procedures, improving and ensuring effective communication  of deliverables to ensure they are well understood by the employees, and also ensuring that clear guidelines in implementation process are laid down before the strategies are implemented.

scholarly journals Obstacles to strategy implementation and success factors: A review of empirical literature

2021 ◽  
Vol 26 (2) ◽  
pp. 12-30
Author(s):  
Kristján Vigfússon ◽  
Lára Jóhannsdóttir ◽  
Snjólfur Ólafsson
Keyword(s):  
Success Factors ◽  
Practical Knowledge ◽  
Empirical Studies ◽  
Implementation Process ◽  
Strategy Implementation ◽  
Primary Data ◽  
Empirical Literature ◽  
Factors Affecting ◽  
Knowledge Based ◽  
The One

The purpose of this study is to identify obstacles and success factors evident from empirical studies affecting strategy implementation and to provide an overview of the empirical literature. A systematic literature review (SLR) was used to analyze thirty-five peer-reviewed empirical articles. All of the 35 research papers selected in this review use primary data gathered from the organizations studied. This study of empirical research has identified 16 obstacles that can hinder strategy implementation and 18 success factors that can facilitate implementation. This study highlights factors that are dualistic, meaning that they contain both elements of obstacles and key success factors. The dualistic factors should therefore be considered in the strategy implementation process. Research gaps are identified. They include lack of studies on how to overcome obstacles to strategy on the one hand and on employee influence on implementation on the other. The differences among industries, countries, or cultures regarding implementation have not yet been explored at any depth. The paper adds to theoretical and practical knowledge based on the systematic overview it provides on strategy implementation from 1980 until 2020. The paper enriches the practical knowledge relevant to those implementing strategies, as it captures and identifies the dualistic factors affecting strategy implementation.

scholarly journals CHALLENGES FACING THE GROWTH OF INSURANCE SECTOR: A SURVEY OF SELECTED INSURANCE COMPANIES IN KENYA

2016 ◽  
Vol 1 (1) ◽  
pp. 1
Author(s):  
Margaret Warutui Kathanga ◽  
Zack B. Dr. Awino ◽  
Mr. John Kabiru
Keyword(s):  
Survey Design ◽  
Computer Software ◽  
Survey Study ◽  
Insurance Companies ◽  
Stream Line ◽  
The Public ◽  
Insurance Sector ◽  
Insurance Firms ◽  
Descriptive Survey ◽  
Random Sampling Approach

Purpose: The the overall objective of this study was to establish challenges facing the growth of the insurance sector in Kenya.Methodology: The study adopted a descriptive survey design.  A descriptive survey study design was used.  A population of 43 insurance firms was given. A sample of 21 firms (50 percent), were chosen from the population. This was done using the random sampling approach. The collected data was analysed by the use of statistical package for social science (SPSS) computer software for data analysis by use of tables, frequencies and percentages. Questionnaires were used and data analysed using descriptive statistics.Results: Based on the findings it was possible to infer that not only are regulatory hitches affecting the growth of the insurance sector, the sector is also faced by other challenges ranging from lack of awareness by the public, excessive claims, fraud and competition.Unique contribution to theory, practice and policy: The study recommended that insurance firms should increase their budgetary allocations to boost awareness and publicity. In addition, the insurance sector should stream line its operations and processes in order to enhance customer satisfaction. Furthermore, the Ministry of finance and the Insurance Regulatory Authority should institute and implement reforms in the sector. The researcher further recommends a benchmark study on the ways that other countries have revamped the insurance sector and the necessary reforms.

The influence of Education, Occupation and Income on Perceived Customer Value

2015 ◽  
Vol 3 (1) ◽  
Author(s):  
Amit Sharma ◽  
Bodh Raj Sharma
Keyword(s):  
Life Insurance ◽  
Customer Value ◽  
Demographic Variables ◽  
Insurance Companies ◽  
Primary Data ◽  
Insurance Sector ◽  
Significant Difference ◽  
Quota Sampling ◽  
Indian Insurance ◽  
Perceived Customer Value

The aim of this paper is to assess empirically perceptual gap among the customers having different educational qualification, occupation and income regarding customer value in Indian insurance sector. It is a fact that insurance sector has been growing tremendously despite a lot of competition in the marketplace. The study is based upon the primary data obtained from customers of four life insurance companies belonging to various districts of J&K through quota sampling. A questionnaire was framed containing items of demographics and statements measuring customer value based upon seven point Likert scale. The findings indicate that the demographic variables viz., qualification, occupation and monthly income, there is no significant difference regarding perceived customer value among the life insurance players.

scholarly journals Systemic Risk and Insurance Regulation †

Risks ◽  
2018 ◽  
Vol 6 (3) ◽  
pp. 74 ◽  
Author(s):  
Fabiana Gómez ◽  
Jorge Ponce
Keyword(s):  
Systemic Risk ◽  
Formal Model ◽  
Public Support ◽  
Solvency Ii ◽  
Capital Requirements ◽  
Insurance Companies ◽  
Prudential Regulation ◽  
High Exposure ◽  
Insurance Firms ◽  
Low Exposure

This paper provides a rationale for the macro-prudential regulation of insurance companies, where capital requirements increase in their contribution to systemic risk. In the absence of systemic risk, the formal model in this paper predicts that optimal regulation may be implemented by capital regulation (similar to that observed in practice, e.g., Solvency II ) and by actuarially fair technical reserve. However, these instruments are not sufficient when insurance companies are exposed to systemic risk: prudential regulation should also add a systemic component to capital requirements that is non-decreasing in the firm’s exposure to systemic risk. Implementing the optimal policy implies separating insurance firms into two categories according to their exposure to systemic risk: those with relatively low exposure should be eligible for bailouts, while those with high exposure should not benefit from public support if a systemic event occurs.

Implementation aspects of agile methods in large organizations

e-mentor ◽  
2021 ◽  
Vol 90 (3) ◽  
pp. 64-72
Author(s):  
Robert Pawlak ◽  
Keyword(s):  
Best Practices ◽  
Large Scale ◽  
Success Factors ◽  
Implementation Process ◽  
Business Practice ◽  
Organization Culture ◽  
Agile Methods ◽  
Implementation Challenges ◽  
Depth Analysis ◽  
Implementation Aspects

The aim of this article is to analyze the challenges and success factors on organizations’ path to agile transformation, as frequently discussed in the literature and encountered in business practice. The research conducted proved that large-scale agile transformations require a dedicated approach with set of tools and best practices in place. The implementation challenges and barriers have been categorized into method-, organization-, culture- and technology-oriented groups. As a result of an in-depth analysis carried on for the purpose of this paper, a dedicated methodology of agile transformation has been proposed to ease the implementation process.

Poor Claims Settlement And Demand For Insurance Policies In Nigeria

2021 ◽  
Vol 8 (4) ◽  
pp. 53-64
Author(s):  
Omowumi Ayoni Momoh ◽  
Oyefemi Ismail O. Oyetunji
Keyword(s):  
Insurance Industry ◽  
Insurance Companies ◽  
Primary Data ◽  
Demand For Insurance ◽  
Insurance Policies ◽  
Chi Squared ◽  
Insurance Firms ◽  
And Control ◽  
Structured Questionnaire

This study investigates the poor claims settlement and demand for insurance policies in Nigeria to provide empirical evidence which would assist not only the insurance companies but also the policymakers by using these findings to design future insurance services and policies that can be geared towards promoting insurance market development. The population focused in the study included few licensed insurance firms in Nigeria. This is due to the fact that they dominate and control the larger interest in the market share. Primary data was used for this study through well-structured questionnaire. Chi- squared statistics and correlation with the tabulated contingency table on the basis of an assumptions were employed. The results show that poor claim settlement has significant effect on demand for Insurance policies in Nigeria and that there is long term and significant relationship between poor claim settlement and demand for insurance policies in Nigeria. The study therefore, recommends that insurance industry should be redefined through appropriate Acts, introducing competitions and innovations in the services so as to compete effectively and meet consumer needs by dealing with changing expectations of policyholders so as to ensure that satisfaction of all the parties are guaranteed.

scholarly journals Human Capital Management and Work Behavior: Evidence from Nepali Life Insurance Companies

2019 ◽  
Vol 4 ◽  
pp. 48-64
Author(s):  
Prakash Kumar Gautam
Keyword(s):  
Human Capital ◽  
Life Insurance ◽  
Pearson Correlation ◽  
Employee Motivation ◽  
Work Behavior ◽  
Insurance Companies ◽  
Primary Data ◽  
Capital Management ◽  
Human Capital Management ◽  
Workplace Behavior

Background: Human resource is dynamic and complex ever because of changes in local, regional and global dimensions. Managing people for optimal use of their competencies for organizational purpose has no options. Employee motivation and employee turnover is being the central issue in the modern organizations, corporate movement of competent people is being the regular corporate news in business arena. Human capital management (HCM) helps them to be satisfied and being positive to their work and the organization. It helps organization to cope with turnover challenge and deviant workplace behavior. Employee motivation, satisfaction, job burnout, turnover are being common challenges to the management. To cope with such challenges, organizations should have strategic focus on human capital management. Objectives: This study aims to explore the situation of human capital management in Nepali insurance companies and the employee’s satisfaction from human capital management. The study also aims to examine the association between satisfaction from HCM and workplace behavior. To examine the gender influence on workplace behavior of the employees created by HCM. Methods: This study was conducted with correlational research design. Primary data for each variable was collected from 402 employees of different seven life insurance companies having at least five years of business experience. To observe the current HCM practices, 3-Point statements were asked. Structured questionnaire with 5-Point Likert Scale was used to collect responses on satisfaction from HCM and the satisfaction towards positive workplace behavior. Descriptive statistics, Pearson correlation, and independent sample t-tests were used to examine the objectives. Result: Results of the study revealed that Nepali insurance companies have maintained human capital management causing employee satisfaction. Employees have reported that they have positive workplace behavior. Female employees have more positive workplace behavior of employees. Employee’s satisfaction from HCM is obtained having positive relationship with workplace behavior. Conclusion: Nepali insurance companies have satisfactory HCM effective to motivate their employees. Employee’s satisfaction leads for positive workplace behavior. There is no gender difference in satisfaction on HCM while female have more positive workplace behavior in comparison to their male counterparts. Implications: To cope with intense competition among the competitors in Nepali insurance industry, this study provides strong evidence to focus on HCM and positive workplace behavior.

scholarly journals AN EXPLORATORY RESEARCH STUDY OF MARKETING STRATEGIES OF IDBI FEDERAL INSURANCE CO. LTD

2021 ◽  
pp. 478-483
Author(s):  
Himanshi Goyal ◽  
Dr. Navneet Joshi ◽  
Sanjive Saxena
Keyword(s):  
Life Insurance ◽  
Coming Out ◽  
Research Study ◽  
Research Work ◽  
Marketing Strategies ◽  
Insurance Companies ◽  
Primary Data ◽  
Exploratory Research ◽  
Insurance Company ◽  
Insurance Cover

This paper is covers the exploratory research study on the marketing strategies of IDBI Federal Insurance, Company. In the Indian context, Insurance companies are playing a major role in the development of Indian economy. With the entry of many private players in the insurance industry, the competition has risen manifold and hence insurance companies are coming out with innovative marketing strategies to woo the customer. This was the reason for narrowing down the scope of the research work. The present paper is an exploratory research study on the marketing strategy of IDBI Federal Insurance Company. The paper seeks to address the following objectives (a) To determine the marketing strategies of IDBI Federal Life Insurance Co. Ltd (b) To determine the means and mechanism deployed by IDBI Federal Life Insurance Co. Ltd. Applying the marketing mix and to determine the effectiveness of the strategy and (c) to understand the reasons which provide competitive advantage to IDBI Federal Life Insurance Co. Ltd. The paper is developed on the basis of elementary primary and secondary data available in the Internet and other documents and journals. The design of the paper follows a structured approach. The literature review resulted in the generation of the research objectives. The primary data was collected by means of Google Forms and MS Excel was used for data analysis. Descriptive Statistics is used to arrive at the findings and interpretation. The findings indicate that the majority of the people seek insurance cover for the purpose of having risk cover and availing several benefits associated with the life insurance policies. Further, the findings indicate that there is a need to capitalize social media platform for generating awareness to drive the market growth. KEY WORDS: IDBI, Insurance, Marketing, Policies, Strategies

scholarly journals Risk and Opportunity—The Leadership Challenge in a World of Uncertainty—Learnings from Research into the Implementation of the Australian National Disability Insurance Scheme

2021 ◽  
Vol 14 (8) ◽  
pp. 383
Author(s):  
David Rosenbaum ◽  
Elizabeth More
Keyword(s):  
Large Scale ◽  
Service Providers ◽  
Implementation Process ◽  
Disability Insurance ◽  
Framework Analysis ◽  
Insurance Scheme ◽  
Implementation Framework ◽  
Non Profit ◽  
Leadership Challenges ◽  
Implementation Challenges

This paper considers the risks and opportunities inherent in a major national change process through a descriptive approach to the implementation challenges for Australian non-profit disability service providers as they grapple with the implementation of the transformational National Disability Insurance Scheme (NDIS). It highlights the leadership challenges associated with the newly developed NDIS Implementation Framework and, in doing so, recognises the risk and opportunity issues contained with that implementation process. The research used grounded theory coupled with framework analysis in a qualitative study that, in part, sought to identify leadership characteristics deemed necessary to minimize risks, capitalize on opportunities, and support positive change outcomes leading to successful NDIS implementations amongst several participating organisations, each with differing demographics and at different stages in the implementation process. The findings, which have been grouped into phases, suggest a range of leadership attributes at key phases of the NDIS implementation that are necessary to minimise implementation risks and maximise opportunities associated with the NDIS. These phases have been identified as: (i) An input phase where the emphasis must be on internal change preparedness and external environmental impacts and drivers; (ii) A process phase where the emphasis is on direct implementation issues; and (iii) An outcomes phase where active consideration needs to be on organisational mission sustainability, as well as the risk and opportunity challenge. The study is crucial in revealing leadership challenges and lessons for large scale change and risk management in the non-profit sector, within and beyond the specific case of Australia’s NDIS implementation, useful for both scholars and practitioners.

Implementation Factors Related to Improving the Food Environment Within Health Care Institutions: A Multiple Case Study

2021 ◽  
Author(s):  
Elizaveta Walker ◽  
Robin L Baker ◽  
Kerth O'Brien ◽  
Lynne C Messer ◽  
Cara L Eckhardt ◽  
...  
Keyword(s):  
Health Care ◽  
Food Environment ◽  
Implementation Process ◽  
System Level ◽  
Implementation Barriers ◽  
Executive Leaders ◽  
Sugar Sweetened Beverage ◽  
Implementation Challenges ◽  
Health Care Institutions ◽  
Facilitators And Barriers

Abstract Background Healthy food environment policies (HFEPs), such as sugar-sweetened beverage bans or nutritional standards for vending machines, can improve the healthfulness of retail food venues, particularly within health care institutions that have a health-focused mission. The degree to which operational managers’ and executive leaders’ perceptions of implementation challenges align or diverge, and the extent to which these perceptions affect HFEP implementation, is unknown.Methods We conducted ten semi-structured key informant interviews with managers and executive leaders who participated in HFEP development within five health care organizations. Interviews explored facilitators and barriers for HFEP adoption and maintenance. We transcribed, coded, and analyzed interviews and derived contextual facilitators and barriers.Results We identified 27 facilitators and 30 barriers, which were refined into six and five categories, respectively, and ultimately paired to create three overarching recommendations. Operational managers’ and executive leaders’ perceptions overlapped 44-75% when identifying facilitators but only 33-58% when identifying implementation barriers. Interpersonal issues such as over-delegation and mistrust were prominent among those organizations whose respondents’ perceptions diverged substantially.Conclusion As the obesity epidemic continues to increase, understanding key facilitators and barriers to HFEPs, as well as the influence on leaderships’ perceptions on the implementation process, will be key to addressing obesogenic food environments. Though leaders were generally aligned in perspectives regarding facilitators, there was greater divergence when barriers were discussed. Executive leaders are encouraged to familiarize themselves with operational barriers and refrain from over-delegating these challenges to their operational counterparts, who lack the institutional authority to override organizational or system-level decisions.

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