ANALYSIS OF KEY FACTOR RATING TECHNIQUE ON PERFORMANCE OF INSURANCE COMPANIES IN KENYA: A CASE OF KENYA ORIENT INSURANCE LIMITED, KENYA
DOI:
https://doi.org/10.47604/ejbsm.1190Keywords:
Analysis of strategy, evaluation techniques, performance of insuranceAbstract
Purpose: The purpose of this study was to analyze the influence of strategy evaluation techniques on the performance of insurance companies in Kenya. The study was guided by four research objectives namely; to analyze the influence of 360 degree evaluation technique influence the performance of insurance companies in Kenya, To analyze influence of Key Factor Rating influence the performance of insurance firms in Kenya; To analyze effect of Balanced Score Card on the performance of insurance companies in Kenya and to analyze the influence of self-evaluation technique have a significant influence on performance of insurance companies in Kenya.
Methodology: A mixed methodology was used as both quantitative and qualitative data was used. The researcher used descriptive design as most of the research questions sought to find out how and what exists regarding elements or conditions in a circumstance. A questionnaire was used as a data collection instrument. The main study population was limited to Kenya Orient Insurance Limited.. Descriptive statistics was used to describe the data using as frequency tables, measures of central tendency and percentages. A target population of 154 employees was therefore used. In order to find out answers to the research questions, a questionnaire was applied as the data collection instrument. Analysis was done by aid SPSS (version 22.0). Data analysis presentation was in form of tables.
Findings: Correlation coefficient (r) was used in the study and the results showed that there was a positive correlation between the independent variables and performance of insurance company. The study also adopted regression analysis the results of analysis showed an adjusted R square of 0.684 hence proving that the four variables used in the study accounted to 68.4% of performance of insurance companies. The findings of this study provides a policy framework to be adopted by KOIL and other related organization on how to structure their strategy evaluation techniques to maximize their business potentials Insurance companies can adopt the findings in this study so as to make use of the strategy evaluation techniques that have a significant positive influence of the performance of insurance companies.
Unique Contribution to Theory, Practice and Policy: The study recommends for consideration of strategy evaluation techniques that greatly impact the organizational performance, depending on the organizational internal and external circumstances as explained in contingency theory.
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