Strategic Intelligence, Strategic Information Systems and Performance Of The Insurance Industry In Kenya
Changes and challenges that have occurred in the past two decades have forced a radical shift in the basic
foundations of how business is conducted. Internal, as well as external forces have forced organization’s to
constantly monitor their surrounding environment in order to create an awareness of opportunities and threats to allow them to survive in their competitive environment. The objective of this study was to identify the current use of Strategic Intelligence in the Insurance Industry in the Kenyan environment, and through the use of a survey questionnaire the benefits or problems experienced by executive management who have not yet implemented and used Strategic Intelligence as an input to the Strategic Management process, and identify the perceived value Strategic Intelligence could add in the decision-making process. In this descriptive study, qualitative and quantitative data collection techniques was used including; semi-structured interviews, and pre and post-test questionnaires.
The researcher chose positivism over phenomenological perspective because of the belief that the influence of Strategic Intelligence on the organization performance constructs as pertaining in Kenya’s insurance industry can be examined objectively through the use of established theoretical frameworks and structured
instruments to assess and analyze it, upon which generalizations can be made from the findings. The study found that product value, product awareness, product satisfaction, service quality and financial prudence have a positive and a significant influence on the organization performance. In addition, the study found that strategic information system has a moderating effect on the aggregation of strategic intelligence and the performance of the insurance industry in Kenya. Based on the findings, the study concluded that strategic intelligence leads to improved gross total premiums (income). In addition it leads to an increased total assets and also growth in insurance profit. Based on the findings and conclusion, the study recommend insurance firms to have a clear focus on expense ratio, claims and net income so as to improve on their organization performance.
Product value is one of the contributory factors to performance of insurance firms. For any insurance
organization that wants to grow and maintain its market share, the study recommends for product awareness campaigns. Renewal ratio, coverage ratio and growth ratio are critical components of product awareness. The study recommends insurance firms to emphasize on satisfaction of the customers since the study found out that product satisfaction has a positive effect on performance. From the findings and conclusion, the study
recommends insurance firms to offer proper and quality services to the customer. The quality of customer service as proven to be the yard stick of determining whether companies will retain and get new customer or lose them.
|IPRJB peer reviewed journals and books publishers
|Dr. Benard Onyango Kajwang’