Strategy Implementation Practices and Performance of Insurance Companies in Kenya

Organizational performance has transformed into a hypothesis which relies on various facets within the company such as its top management and how strategies are implemented. It is however worth noting that what sets organizations apart depends upon their share in the market, corporate image, level of customer satisfaction and profit margins. Firms within developed and developing nations have encountered challenges in implementing their strategies. This has particularly been experienced by insurance companies in Kenya, through a decline in their performance. The study therefore aimed at investigating effects of strategies implementations methods on effectiveness of insurance firms in Kenya. The precise goals for the research were to: to determine the impact of resource allocation, staff training, organisation communication and organisation culture on performance of insurance firms in Kenya. Open systems theory and Transformative theory were used in the study together with Holistic strategy implementation theory. The survey was conducted using a descriptive research methodology. Forty one (41) insurance organizations in Kenya formed the target population with 123 respondents out of which a sample of 94 respondents was chosen at employing Israel’s formula. Structured questionnaires were the major data collection method for obtaining primary data. The findings revealed that resource allocation, staff training, organisation communication and organisation culture all had substantial impact on performance of Kenyan insurance companies. The survey indicates that strategies implementations methods have substantial impact on performance. This survey suggests that the finance managers of the insurance firms in Kenya must set aside sufficient funds to finance implementation of strategies. The human resource managers working in the insurance firms in Kenya should organize regular on-the-job and off-the-job training programs to enhance the skills of employees so that they can be able to implement formulated strategies. The communication managers and public relations officers working in the insurance firms in Kenya should work to improve on the existing communication channels to enhance the flow of information among employees as they implement strategies. Departmental heads working among insurance firms in Kenya should strengthening the corporate culture by communicating the organizations values to employees.