Technological innovations adoption and its influence on organisational growth among insurance companies in Kenya
Makayoto, Grace Adhiambo Akumu
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The growth of Kenya's insurance industry has been erratic despite a favourable economic environment. Industry reports have shown that most of the insurance firms in Kenya have lagged in the adoption of new technologies to support their products and processes. This study sought to determine the influence of technological innovations adoption on organisational growth within the industry. The study specifically examined the effect of adoption of marketing technological innovation, product technological innovation and service technological innovation on insurance growth. The study was premised on the technology organization environment theory and the dynamic capabilities theory and adopted a descriptive research design. The target population of the study were the heads of the technology and marketing departments within the registered insurance firms. The unit of observation was the selected personnel. The research employed purposive sampling in selecting the chief technology officer and marketing manager. The research used a census survey of the respondents and utilised primary data. The primary data was collected using structured questionnaire. Pilot testing was conducted to enable reliability and validity testing. The collected data was analysed using descriptive and inferential statistics. The analysed data was be presented using tables. The findings of the research indicated a positive correlation between technological innovations adoption and insurance growth. The study concludes that adoption of marketing technological innovation and service technological innovation had a positive effect on insurance growth while adoption of product technological innovation had a negative effect on insurance growth. The study recommends that insurance firms should innovatively utilise technology to expand their service engineering, online marketing campaigns and market segmentation. The research further recommends that insurance firms should expand their offering of digitalized products to expand product innovation.