ASSESSMENT OF THE PRACTICE OF STRATEGIC MANAGEMENT PROCESS: IN THE CASE OF NYALA INSURANCE S.C. (NISCO)

Abstract

Insurance Industry has been identified as one of the most significant institutions for all nations across the world. The insurance industry has grown rapidly in Ethiopia because the government has promulgated different laws and the rapid development of information communication technology and globalization. In this respect, insurance companies try to manage themselves according to the current situation and compete each other to holding superior position in industry. Strategy management is one of the most important management tools for the company resources and competencies to achieve competitive advantage over rivals. The research focused on assesses the practice of strategic management process in the case of Nyala Insurance. To accomplish the study, primary and secondary data were gathered. Furthermore, the study used stratified random sampling technique, and data were collected through open ended interview and questionnaire. Accordingly, 68 (sixty eight) non-managerial employees and 30 (thirty) management members were selected. Descriptive type of analysis was used to do the analysis of the data. The study may play a pivotal role in providing useful information about the practice of strategic planning and management process of NISCO. Finally recommendations were made based on the findings of the study.