Influence of Competitive Strategies on the Competitive Advantage of Insurance Firms in Nairobi City County, Kenya

Abstract

This study investigates how competing strategies affected the competitive advantage of insurance providers in Kenya. It focused on a total of 54 insurance companies and employed a descriptive survey design. Using questionnaires, primary data was gathered, and descriptive, inferential, and content analysis techniques were used to analyse it. Regression model study findings demonstrated that competitive strategies considerably increase the overall competitiveness of Kenyan insurance firms. It is significant to identify there are additional variables that were discovered to have an impact on an organization's competitiveness but were not examined in this study. These additional variables include strategic human resource management, the firm's core technologies, as well as various internal strategic considerations like the quality management programmes these organisations have implemented. The study also discovered that gaining a competitive advantage is significantly impacted by competitive techniques including focus, cost leadership and differentiation. According to the survey, businesses should give these methods top priority in order to improve their competitiveness by gaining more clients, supplying superior goods and services, and gaining market share. Companies must clearly outline their operational strategies in order to be financially successful. They must also offer standards for all departments in order to prevent compromises or conflicts. Effective tactics that organisations must use to satisfy client wants while adjusting to changes in the business environment include customer retention, and snagging sizable market shares.