PRODUCT INNOVATION AND ORGANIZATIONAL PERFORMANCE OF INSURANCE COMPANIES IN RIVERS STATE, NIGERIA
Abstract
This study examined the association between product innovation and organizational performance of insurance companies in Port Harcourt Nigeria. The study adopted survey research design, with a population of 55 Insurance companies registered with National Insurance Commission of Nigeria. Since the population was relatively small hence the entire population was used as a census. Primary data were collected using self-administered questionnaire distributed to the insurance companies. The data generated from the questionnaire were subjected to statistical analysis and the hypotheses were tested using the Spearman Rank Order Correlation Coefficient with the aid of Statistical Package for Social Sciences (SPSS). The findings revealed that there is a positive association between product innovation and each of the measures of organizational performance (increased profitability and increased market share) of the studied companies. Hence, the study concluded that a statistically significant and positive association exists between product innovation and organizational performance of insurance firms in Rivers State. Hence the study recommended that strong policies on product innovation should put in place so as to enhance the quality of service delivery in improving organizational performance.
Key words: Product Innovation, Organizational Performance, Profitability, Market Share
CITATION: Tamunomiebi, M. D., & Okorie, P. N. (2019). Product innovation and organizational performance of insurance companies in Rivers State, Nigeria. The Strategic Journal of Business & Change Management, 6 (3), 428 – 436.
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DOI: http://dx.doi.org/10.61426/sjbcm.v6i3.1327
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