IIARD International Institute of Academic Research and Development

IIARD International Journal of Economics and Business Management (IJEBM )

E-ISSN 2489-0065
P-ISSN 2695-186X
VOL. 4 NO. 2 2018

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Innovation Strategy and Dynamic Capability of Insurance Companies in Port Harcourt

Odunayo O. Akintokunbo (Ph.D)

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Abstract

This study examined the relationship between Innovation Strategy (IS) and dynamic capability of the insurance industry in Port Harcourt. The study used a cross sectional design involving managers, supervisors and unit heads. Primary data was obtained using questionnaire as the research instrument. The target population of Insurance companies in Rivers State is 40 obtained from the 2016 Directory of the Rivers State Ministry of Commerce and Industry. The population managers from the various insurance companies are 221 obtained from the Human Resources Department of the various companies. The sample size for the study was 140 obtained through the Kjejcie and Morgan (1970) table for determining minimum returned sample size for a given population. The internal reliability of the research instrument was tested using Cronbach Alpha Coefficient and only items that have an alpha reading of 0.70 and above were considered. After data cleaning, only data of 117 respondents were finally used for data analysis. Descriptive statistics and Spearman’s rank correlation were used for data analysis and hypothesis testing. The study findings confirm that there is a positive significant relationship between innovation strategy and dynamic capability. The study concluded that innovation strategy bears a positive and significant influence and dynamic capability. The study recommended that insurance companies should embrace innovation towards service quality improvement, better service delivery, process improvement, efficient organizational management and finally to ensure customer satisfaction

keywords:

Innovation, Strategy, dynamic capability, insurance companies

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