Assessing the Effectiveness of Product Development in Promoting Business Growth: A Study on Selected Insurance Firms in Lusaka

This research explores the impact of product development on business growth within the insurance sector in Lusaka, Zambia. The study aims to assess how innovative product strategies influence market expansion, customer retention, and overall financial performance. In companies where new product development plays an important strategic role, managers necessarily contend with a portfolio of projects that range from high technology, new-to-the world, innovations to relatively simple improvements, adaptations, line extensions, or imitations of competitive offerings. This study aims to understand the effectiveness of product development in promoting business growth specifically in the Insurance Sector. The specific objectives of the research are, (i) To evaluate the role of product development in the growth of Insurance companies in Lusaka, (ii) To evaluate the impact of product development on business growth in Lusaka, (iii) To assess business growth outcomes on insurance firms in Lusaka. The research will be a mixed approach design with a target of 50 respondents with a sampling procedure of simple random sampling. Further, the research instruments to be used in this research are the questionnaires and interview guide. This will help to get in-depth data that helped with the research findings. The researcher’s proposed data analysis method is Microsoft Excel and, STATA and qualitative the thematic analysis method. The findings for this study will enhance the understanding of insurance on innovation and product development on how it contributes to business growth.