The extent of strategic plan implementation by the Insurance Sector in Zimbabwe: A case of NICOZ Diamond Insurance Company 2015-2018

Abstract

The aim of this study was to establish the extent of strategic plan implementation by the insurance sector of Zimbabwe. The study was mainly focused on Nicoz Diamond, being one of the prominent insurance companies in Zimbabwe. After considering the epistemological and ontological stance and focus of the study, this study adopted a positivism paradigm. The study therefore applied a deductive research approach and a quantitative design in an effort to address the identified research questions. The research was carried out at Nicoz Diamond Insurance Company in Zimbabwe on a sample of 63 employees (out of the 90 employees reported as at December 2018) stratified according to departments and then randomly selected. Primary data were collected through a structured questionnaires and interviews. Since the study involved the use of structured questionnaires, quantitative analysis through application of SPSS version 22 was employed. The results from the study showed that among the micro factors, limited staff involvement, poor reward system, poor communication of deliverables, and lack of clear guidelines in implementation, were among the internal factors that affected strategy implementation. As a result of these implications, the study offers some insightful recommendations towards the implementation of strategies by Nicoz Diamond and other organisation across the globe.