Analysis of Strategy Evaluation Techniques on performance of Insurance Companies in Kenya: A study of Kenya Orient Insurance Limited, Kenya

Purpose: Kenya’s insurance performance has been unsteady causing a worrying concern among senior management. Insurance companies have continued to struggle in adopting various strategy evaluation techniques to withstand the market dynamism causing inefficiencies and high combined ratio in the performance (AKI 2016; Kampire, 2012). This study’s aim was to examine strategy evaluation techniques’ impact on the performance of insurance companies in Kenya. Design: The research employed descriptive design. The study sample was restricted to Kenya Orient Insurance Limited employees. A census study consisting of all 154 employees of Kenya Orient Insurance Limited was preferred because it eliminated errors related to sampling. Data was described using of frequency tables and measures of central tendency. A structured questionnaire was used as to obtain data. The association between variables was examined using correlation and regression. Findings: The correlation coefficient (r) findings showed that there existed a high level of association between the variables and the insurance company’s performance. Further, regression analysis results revealed the existence of a strong and noteworthy association between the performance of Kenya Orient Insurance limited and the independent variables, Balanced score card, 360 degree evaluation and factor rating. Practical Implication: By presenting findings that show the impact of adopting the Balanced Scorecard, 3600 and factor rating evaluation techniques in assessing insurance businesses’ performance, this study benefits education in various ways, thus providing a framework that both scholars and practitioners of performance measurement can build upon when improving performance assessment methods in Kenya’s insurance industry. Keywords: Balance Score Card, Strategy Evaluation, Insurance Company’s Performance, Strategy Evaluation Techniques, Strategy, 360 Degree evaluation