CHALLENGES FACING INSURANCE BROKERS IN KENYA

Authors

  • Dr. Ben Kajwang PhD Chief Executive Officer, College of Insurance, Nairobi, Kenya

DOI:

https://doi.org/10.47604/ejbsm.1438

Keywords:

Challenges, Insurance Brokers, Kenya

Abstract

Purpose: The insurance industry, like other industries, has faced obstacles that have threatened its productivity, profitability, and capacity to compete against its rivals. The objective of this study to identify and discuss the challenges facing insurance brokers in Kenya. The aim of this work is to enable the readers understand the various challenges facing insurance brokers and their impact on the insurance industry.

Methodology: A desktop literature review was used for this purpose. Relevant seminal references and journal articles for the study were identified using Google Scholar. The inclusion criteria entailed papers that were not over five years old.

Findings: The study concluded that customer experience & satisfaction, workflow inefficiency, uncertainties in the market, unfavorable government regulation, cybersecurity risk and lead generation are some of the challenges that affect insurance brokers in Kenya. These challenges have greatly been influenced by the ever-changing technology that has revolutionized the workforce labour and business activities generally in all organizations and government influence on the regulations set by the Insurance Regulatory Authority.

Unique contribution to theory, practice and policy: The study therefore recommended that insurance brokers should embrace the use of well-developed digital services that will enable them service their customers efficiently and meet their needs while the Insurance Regulatory Authority should come up with strategies that will help mitigate the unfavorable government regulations that affect insurance brokers.

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References

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Nyamu, F. (2016). The effect of macroeconomic factors on financial performance of insurance firms in kenya (Doctoral dissertation, University of Nairobi).

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Otedo, S. O. (2017). Insurance Employees Perception on the Challenges Affecting Performance of Insurance Companies in Kenya (Doctoral dissertation, University of Nairobi).

Richardson, V. J., Smith, R. E., & Watson, M. W. (2019). Much ado about nothing: The (lack of) economic impact of data privacy breaches. Journal of Information Systems, 33(3), 227-265.

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Published

2021-12-30

How to Cite

Kajwang, B. (2021). CHALLENGES FACING INSURANCE BROKERS IN KENYA. European Journal of Business and Strategic Management, 6(2), 30 – 36. https://doi.org/10.47604/ejbsm.1438

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Articles