FACTORS AFFECTING GROWTH OF LIFE INSURANCE FIRMS IN KENYA. CASE STUDY OF BRITAM LIFE INSURANCE

Abstract

There is a need for a study that analyzes and assesses the likely contribution to this lackluster trend. As of 2018, there are 14 life insurance insurance firms in Kenya including Seven composite insurance firms (providing combined term and general assurance). In Kenya, only Britam Life recognized and authorized life insurance providers were examined. Each of the life insurance companies were able to identify 54 salespeople through qualitative research. The scientist handed out a standardized interview question to the participants, who were instructed to fill it out. In order to show the results, tables and graphs were utilized to assess the answers using descriptive and inferential statistical approaches. On professional sales, the study concluded that research and development leads to increase in life insurance. The conclusion determined that that innovation assists in increased penetration of life insurance to a great extent. On sales promotion, the conclusion was that extra packages affect the sales volume of an organization. It was also concluded that voluntary training leads to increased awareness of life insurance at a great extent. On affordability, the study noted that affordability influences the increased life insurance covers. Also, the conclusion was that affordability leads to improved sales output. On government regulation, the conclusion agreed that enacted laws influence the setting up of life insurance to a large extent. The conclusion also noted that that regulatory framework increases the performance of life insurance firms. It is possible to make some recommendations based on this research: In order to ensure that the services provided too medical insurance customers by the salespeople are valuable and delivered in the best possible manner, the Association of Kenya Insurers (AKI) must educate its delegates on how to get the highest suitable mentoring. In order to maximize value for its customers, the life insurers should ensure adequate personal selling and billing. It is important that the insurers work really hard as well as competitively to guarantee that their services are widely used and to educate the public about the benefits of their life insurance solutions. When it comes to growing their business, life insurers use micro insurance as one of their methods of doing so. If the Insurance Regulatory Authority (IRA) wants to achieve maximum growth, it should devise a set of mechanisms for monitoring the life insurance industry. Effective oversight of the business would guarantee a competitive market and eliminate ethically questionable practices and methods.