Strategic Development and Brand Establishment in the Insurance Sector of Rwanda: A Case Study of Soras Insurance Company

Abstract

Organizations are understandably concerned with managing their "Corporate Image." This research on corporate strategy and building of corporate image is integrated to create a framework which identifies the factors that influence insurance Companies in corporate image formation. Managerial implications were discussed, and guidelines were proposed for strategically planning and effectively managing of a corporate image. The main objective to the study is to assess the strategies employed by insurance companies in Rwanda to build their corporate image The specific objectives to the study are to assess strategies undertaken by SORAS in building its image to the public; to determine how SORAS Company measures its image from the general public; to establish relationship between corporate strategy and corporate image. This research targeted a population of 5340 where 5215 are customers and 125 are SORAS employees, and then, sample size was 141.The researcher used questionnaire and then both primary and secondly data were used during this research. The distribution of the questionnaires was done by the researcher and their collection was done after they were completely filled. The data were analyzed using Statistical packaging for social science (SPSS) computer program. The percentage and frequencies was represented in terms of tables. This research found that the benefits of corporate strategies in insurance companies of Rwanda this research concluded that corporate strategy is used in improvement of accounting and financial management system, so that the level of accurate information should be improved in insurance companies; the majority of respondents agreed that commitment of management to the operation of the system is among of the benefits SORAS get from corporate strategy. This implies that corporate strategies are a useful tool in management commitment and organizational operations. This research concluded that improvement of accountability is among of roles played by corporate image in insurance companies. Therefore, accountability is one of the cornerstones of corporate image; however, it can be difficult for practitioners alike to navigate the myriad of different types of accountabilities. Accountability ensures actions and decisions taken by public officials are subject to oversight so as to guarantee that SORAS initiatives meet their stated objectives and respond to the needs of the community they are meant to be benefiting, thereby contributing to better governance. This research concluded that corporate strategy affects positively SORAS governance. Therefore, through present research the researcher analyzed the statements regarding the corporate strategy in corporate governance. The researcher analyzed effectiveness of corporate strategy in SORAS. Corporate strategies represent all the approved policies and procedures used by the SORAS management in order to achieve an effective management and governance of the institution. Lack of corporate strategies and their deficient operation make companies vulnerable to a number of risks, such as improper recording of accounting transactions, making unauthorized transactions, fraud, all these having a significant impact on governance. Keywords: Corporate Strategy, Corporate Image, Insurance Companies, SORAS Insurance Company, Governance ________________________________________