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    Managers’ Perceptions on How the Selected Bancassurance Aspects Affects the Performance of Insurance Companies in Kenya
    (KeMU, 2022-10) Njeru, Jane Njoki
    One of the major recent advancements in the financial industry is offering insurance services and products by banks. This is what is commonly referred to as Bancassurance. In this case, the insurance services and products are offered alongside different banking services and products. The banks can offer the insurance services independently or in collaboration with the insurance companies. Bancassurance has been seen as a tool utilized by the insurance organization to gain competitive edge and overcome stiff competition in the industry. The main aim of this study was to find out the perception of managers on how the selected bancassurance aspects affects the performance of insurance companies in Kenya. The aspects related to bancassurance that were considered includes products or services type, administration-economies of scale, customer lifecycle management, and sales promotion tool. This research was based on innovation theory, the dynamic capabilities theory, and modern portfolio theory. A descriptive survey research design was applied in this study. The study targeted 506 management staff who were drawn from the major listed insurance companies in Kenya. The research used a random sampling technique to pick the sample size participants. Primary data were acquired using questionnaires. The research tools were allocated among the selected participants using different reference points, such as departmental managers. Moreover, data analysis was done using Statistical Package for Social Scientists (SPSS) computer software. The qualitative data was thematically coded and then statistically analyzed. Besides, content analysis was utilized for data that is qualitative in nature or aspect of the data obtained through the use of open-ended questions. Different approaches such as the use of tables and graphs were used to display information. The research revealed that Bancassurance products or services type affect performance of Insurance organizations in Kenya greatly. The study further showed that performance of insurance companies in Kenya is boosted by enhanced value and distribution channel optimization very greatly. In addition, study revealed that the customers trust and convenience enhanced the performance of Insurance firms in Kin the country vary greatly. The study also found that sales promotion tool affected performance of insurance companies in Kenya greatly. The study concluded that Bancassurance products or services type had the greatest impact on the success of insurance companies in Kenya, followed by Bancassurance customer lifecycle management, then Bancassurance sales promotion tool and finally administration-economies of scale had the least effect. The research proposes that the insurance organizations in Kenya should make sure that the client is guided by comprehending the market and directing the company's resources towards meeting the needs of the clients and by evaluating the capacity to deliver what is required by the client.
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    Role of Middle Level Management in Strategy Implementation among Insurance Companies in Kenya
    (KeMU, 2022-10) Wamugo, Dorry
    Middle level managers have a significant role in organizational strategic outcomes and happenings particularly that of implementation of strategy. Middle level managers collect and collate information, organising it intelligibly pursuant to matters relevant to organizational strategy making it the foundation for strategic decision-making. Middle level managers are able using their previous experiences to discern if their efforts are successful or not. The study was to establish the role of middle level management in strategy implementation among insurance companies in Kenya. Specifically, the study sought to establish the effect of championing alternatives, synthesizing information, facilitating adaptability and management of operational effectiveness on strategy implementation among Kenyan insurance firms.The study using the stratified random sampling technique achieved a sample population of 189 management staff in insurance companies in Kenya. To gather primary data, self-administered questionnaires were utilized. The validity of the research instruments was then checked using content and construct validity. Upon receipt of the responses from the questionnaire, the quantitative data as collated was analyzed with the help of descriptive statistic and represented, means, frequencies, standard deviations and percentages. The research established the relations between the dependent and independent variables by application of multiple regression analysis. The research similarly adopted the Pearson’s Product Moment Correlation. The outcomes were presented by the use of tables, graphs and in prose-form. The study found that communication and interpretation of strategies and organizational plans and objectives affected the strategy implementation in the organization to a great extent. The study found that evaluation of information provided affected the strategy implementation among insurance companies in Kenya to a moderate extent. The study found that supervision and monitoring of activities, plans, and work output improve productivity and efficiency in their organizations to a very great extent. The research further found that placement of resources in line with the needs affected the strategy implementation among insurance companies in Kenya to a moderate extent. The study concluded that championing alternatives (β=0.738, p=0.000<0.05) had the greatest effect on the strategy implementation among insurance companies in Kenya, followed by management of operational effectiveness (β=0.622, p=0.000<0.05), then synthesizing information (β=0.412, p=0.000<0.05) while facilitating adaptability (β=-0.539, p=0.000<0.05) had the least effect to the strategy implementation among insurance companies in Kenya. The study recommended that the middle level management be included in the planning process of the strategy. This move would significantly increase the chances of the success of strategies as it creates ownership and control of the process by the said middle level managers and cultivate a marked desire to see through the process to ensure the strategy succeeds. The study in addition recommends that certain elements of the implementation process should be highlighted with specific reference to communication of the strategy to all stake holders; recognition of the staff challenges during implementation and appreciation of the staff morale and motivation during the process. Middle level managers as bridges between operational staff and top management, including other stakeholders need as of necessity to be allowed direct access to the core organisational decision making personalities or organs in the organisation. This will enable them to obtain authoritative updates on issues raised by operations staff.