Insurance Product Innovation as an Entrepreneurial Innovation and Its Role In The Performance of Insurance Brokerage Firms in Kenya
DOI:
https://doi.org/10.58229/jims.v2i2.257Keywords:
Insurance Product Innovation, Firm Performance, Insurance Brokerage Firms, Schumpeterian Theory, Quantitative And Qualitative AnalysisAbstract
This study examines the influence of insurance product innovation on the performance of insurance brokerage firms in Kenya, anchored in the Schumpeterian innovation theory. The research employs a descriptive design, targeting a population of 216 insurance brokerage firms, with managers acting as the primary respondents. A census approach is adopted to ensure comprehensive data collection, surveying all firms within the population. Data collection uses a structured questionnaire administered through a drop-and-pick method to enhance response rates. The study's analysis incorporates both quantitative and qualitative methodologies. Quantitative data analysis is performed using SPSS software, which facilitates the execution of descriptive statistics, such as percentages, frequencies, means, standard deviations, and Z-scores. Additionally, inferential statistics are employed to explore the relationships between variables, utilizing tools like ANOVA, R-squared (R²), regression coefficients, and P-values to test the hypotheses. In parallel, qualitative data derived from open-ended questions are analyzed using content analysis, enabling the identification of key themes and patterns. The combined use of these analytical approaches is expected to yield a comprehensive understanding of how product innovation impacts the performance of insurance brokerage firms in Kenya. The findings are anticipated to offer valuable insights for academics and practitioners, particularly in understanding the role of innovation in enhancing the competitive advantage and overall performance of firms within the insurance brokerage industry.
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