EFFECT OF ORGANIZATIONAL CORE COMPETENCES ON PERFORMANCE IN THE INSURANCE INDUSTRY IN KENYA
Abstract
The purpose of the study was to establish the effect of organizational core competences on performance in the insurance industry in Kenya. The study adopted a descriptive research design. The target population for this study was the senior and middle level management staff of the 49 insurance companies registered with the association of Kenya insurers (AKI) by December 2014. The study selected the respondents using stratified proportionate random sampling technique. Primary data was obtained using self-administered questionnaires administered using a drop and pick later method. Descriptive statistics such as frequencies, percentages, mean score and standard deviation was estimated for all the quantitative variables and information presented inform of tables and graphs. Inferential data analysis was done using Pearson correlation coefficient and regression analysis to establish the relations between the independent and dependent variables. Hypothesis testing was done using p-value in a Chi-square test. F-statistic was also be computed at 95% confidence level to test whether there is any significant relationship between organizational core competencies and performance of insurance companies in Kenya. The correlation results revealed that core competences promoted performance in the insurance industry in Kenya. The study recommend that the HR of insurance companies in Kenya needs to need to ensure that firm’s policies encourage employee sense of belonging, policies that provide constant feedback on the positives and negatives, encourage open communication, and develop policies that communicate clear goals and expectations to the employees. Insurance companies in Kenya should develop strategic marketing plans that differentiate each organization from the market rivals. Continuous market innovation and product development is also advocated. Strong focus on customer retention and building of loyalty is recommended.
Key Terms: Core Competency, Innovation, Strategic Management, TechnologyFull Text:
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DOI: http://dx.doi.org/10.61426/sjbcm.v3i4.402
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