Assessment of the practice of Strategic Plan of Private Insurance Companies in Ethiopia: The Case of Nyala Insurance Corporation
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Date
2020-06
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Publisher
A.A.U
Abstract
Insurance companies, apart from the common dynamism in the business environment, are highly vulnerable to challenges with high failure rate as they bear the risks inherent in their operation and the risks transferred to them by way of insurance. Strategic planning emerged as an important management tool in or to cope up with the dynamism and retain competitive advantage. Strategic planning is a series of decisions taken to determine long-term objectives and includes the phases of environmental scanning, strategy formulation, strategy implementation and strategy monitoring and evaluation. The research problem is that as private Insurance Corporation are at the infant stage in the business area also researches have not been done well that can point out the major problems in strategic management process. findings show the strong aspects of the strategic management process are specialized plan to outperform the competitors, details about how managers must respond to any change in the business environment, redefines towards common goals, reflects the concern to effectively mobilize resource and maximize the organization’s chance to achieve the set objectives. And also loopholes in the process are it is a complex process, time consuming, difficult to implement and requires skillful planning. Stakeholders such as customers, reinsurers, intermediaries
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(sales agents, brokers), garages and medical service providers aren’t involved in the stakeholder analysis proceedings, the SWOT Analysis is almost identical to the one under the previous period also in some cases is mixed with the ways of exploiting the SWOT or the strategy, Some of the corporate objectives aren’t measurable and Necessary guidance on preparation of business plans is given. Based on the above findings of the study recommendations are also forwarded. Future research could include an in-depth and wider study of the most appropriate strategy practices by showing the link between the four phases of the strategic management process
Description
A thesis submitted to the Department of Public Administration and Development Management of Addis Ababa University in partial fulfillment of the requirements for the Degree of Master of Arts in Public Management and Policy (MPDP)
Keywords
Srategic management, Strategy formulation, Strategy implementation