Bancassurance Financial Project Essay

ABSTRACTThe business world and specifically monetary industry has become challenging and of uncertain business environment in terms of new technology, political dynamics, government policies and advanced human resources. This consequently calls for dynamic leadership that needs to be creative and innovative in creating their competitive strategies. To mitigate these challenges, some firms managements have designed management strategies to confine developing, acquire new businesses or merely mitigate risk veneering the business. This proposal considers strategic alliances in financial industry commonly referred to as bancassurance as a business strategy adopted by technical banks, SACCOs and insurance companies as one of the pursuit of their diverse organizational objectives and challenges. The suggest of this research was to establish if financial organizations such as banks, SACCOs, and insurance companies stop mitigate some of management problems such as high contribute de fault leading to high credit risks, switching of customers due to dissatisfaction, declining profits, ohmic resistance to buy new insurance products hence minimum market growth among others.To achieve the mentioned objectives, the field of view used structured questionnaires and personal interviews on a randomly sampled target of 48 participants from banks, SACCOs, and insurance staff within Nyeri County to suss out the effect of this strategy on performance in the current profligate financial markets. The data was collected and analyzed using content analysis, descriptive measures and correlation analysis. The study found out that, Bancassurance model was a erect source of revenues, customer acquisition, and retention and as one of the factors that investors consider in front taking the risk of investing in commercial industry. The study excessively revealed that Bancassurance has very minimal influence on determining the success and belt along of compensating business loss es, death of insured applicants among others regardless of the existence of the strategic alliances. The study will be of significance to law makers, policy makers, business entrepreneurs, scholars among others.