| dc.description.abstract | This study examined the influence of innovation practices on market growth of the insurance sector in Kampala. The focus of this study was motivated by the low market growth demonstrated in terms of low market share, revenue and profitability of the various insurance companies. In this study, Innovation Strategies was used as the independent variable and was measured using market innovation strategy, product innovation strategy and technological innovation strategy while market growth was used as the dependent variable and was measured using sales revenue. The objectives of the study were to analyse the influence of product innovation strategies on market growth of insurance companies in Kampala, to examine the effect of market innovation strategies on market growth of insurance companies in Kampala and to examine the effect of technological innovation strategies on market growth of insurance companies in Kampala. Three null hypotheses were tested based on the objectives. The study used a cross sectional survey design where quantitative data was collected from 30 insurance companies with a target population of 240 managers drawn from various departments. A sample size of 148 managers were selected using Krejice and Morgan table and using purposive sampling technique questionnaires were distributed to these respondents. Only l 05 questionnaires were collected giving a response rate of7 l %.Data was based on primary sources and a multiple regression analysis was used to show the influence of the independent variables on the dependent variable. Findings of the study revealed that product innovation strategies have an influence on market growth and thus hypothesis l was not supported. Market Innovation strategies were also found not to have an influence on market growth and thus hypothesis 2 was supported. Technological innovation strategies were found to have an influence on market growth and thus hypothesis 3 was not supported. Based on the findings, the study recommends that insurance companies should lay out procedures and strategies such as product innovation strategies, and technological Innovation strategies so as to enhance market growth. The Insurance Regulatory Authority (lRA) should formulate a well-defined regulatory framework to ensure that all the new products are registered and patented to encourage innovation. This stud y specifically focused on Insurance companies, for future research, a similar study should be taken with the input of insurance brokers and agents who are the key distributors of insurance business in the supply chain. | |
