Strategy and performance of British American insurance company Kenya limited

Abstract

As at the time of study there are 51 Insurance Companies Registered and licensed by the Insurance Regulatory Authority. With the current and recurrent environmental uncertainty, chaos and turbulence with which every organization has to interact with for survival, many Insurance companies have found it hard to survive on the basis of their historical strength that worked for them in the previous stable environment. Studies carried out all over the world indicate that both the private and public sectors are increasingly resorting to strategy formality to cope with the increasing environmental changes and to exploit opportunities presented by the environment to realize improved performance. Strategy being the link between the organizations and the environment within which they operate. British American Insurance Company Kenya Limited just like any other organization is affected by the turbulence in the environment as it too has to interact with the environment for survival. To this end, Britam has adopted specific strategies to achieve targeted performance. The study examined the relationship between strategies adopted and performance at Britam .Primary data was collect through use of Interview Guides and secondary data was extracted from existing published and unpublished records such as The Association of Kenya Insurers and Insurance Regulatory Authority Annual Publications, Articles, related Journals, Electronic data and the company’s audited Financial Statements. The data collected was analyzed through the Content Analysis Technique. The implication of the study on the policy is that the Government through the Insurance Regulatory Authority should be able to formulate policies and regulations that will enhance uptake of insurance covers in Kenyan market. The Government bodies should also be able to monitor and supervise Insurance Companies and brokers to ensure consumer protection as provided by the bill of rights in the current constitution. The results confirm to the findings of other empirical studies on the relationship between strategies adopted and effectively implemented and organization performance. The study will benefit both academia and practitioners as both will have informed insight of strategies that have paid off for the company, future reference on research work and will also form the basis of further study.