Strategic Planning and Performance Rating of Insurance Companies in Kenya

Abstract

The concept of strategic planning seems unavoidable if any organization is to succeed especially in the insurance industry in Kenya. Strategic planning is a predictive process of what an organization would want its future to be like and among the elements in strategic planning is review; this can be achieved in form of conducting assessments to check on progress thus reference to performance rating. The study was guided by the objective of determining strategic planning and performance rating among insurance companies in Kenya. The study applied cross-sectional survey research design while also on the other hand the study population consisted of registered insurance companies in Kenya which are 49 in total. Data collection was done through the use of a questionnaire while analysis was conducted through the use of SPSS version 20 and data was collated and presented in form of tables and graphs. The study found out that strategic planning is key and fundamental for any insurance company that wants to be successful taking into consideration all the aspects of strategic planning and also the significance of performance rating in the evaluation process of a strategic plan.