Abstract
This study sought to establish the influence of understanding, stakeholder requirements, good rapport with stakeholders, healthy competition with competitors, conflict resolution, and effective communication on organizational performance among insurance companies in Kenya. Positivism research philosophy was adopted for the study. Descriptive and explanatory cross-sectional research designs were used. Data analysis was conducted using descriptive statistics and inferential analysis. The study concluded as follows: (i) Understanding stakeholder requirements, creating and maintain good rapport with stakeholders, healthy competition with competitors, conflict resolution and effective communication were deployed to a moderate extent in insurance companies in Kenya, (ii) There was a strong positive correlation between organisation performance, understanding stakeholder requirements, good rapport with stakeholders, conflict resolution, and effective communication, (iii) There was a weak positive correlation between organisation performance and healthy competition, (iv) Understanding stakeholder requirements, creating and maintain good rapport with stakeholders, healthy competition with competitors, conflict resolution and effective communication had significant influence on the performance of insurance companies in Kenya. (v) Relationship management has a significant influence on organizational performance.
Highlights
Over the years most insurance companies including those in Kenya have experienced a steady decline in their performance while others have bowed to pressure and exited the market
The study sought to establish the influence of understanding stakeholder requirements, good rapport with stakeholders, healthy competition with competitors, conflict resolution, and effective communication on the performance of insurance companies in Kenya
The results showed that the management of insurance companies in Kenya opine that relationship management only has a moderate influence on performance of their companies
Summary
Over the years most insurance companies including those in Kenya have experienced a steady decline in their performance while others have bowed to pressure and exited the market. The Kenyan insurance industry has faced hard economic times with a penetration rate of under 3% This has resulted in a number of insurance companies such as Kenya National Assurance Company (KNAC), Lakestar Insurance, Trinity Life Assurance Company, United Insurance, and Blue Shield Insurance to bow to pressure and exit the market (IRA, 2016). Owing to these challenges, competency mapping has gained significant importance in today’s competitive scenario and it has become one of the avenues that human resource managers can exploit to maximize organizational performance. The paper is organised into six sections; introduction outlining the background information of the study, literature review, which provided adequate literature on the study variables, methodology adopted, results and discussions, conclusion and recommendations
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