Business Process Reengineering and the Performance of Insurance Firms in Nigeria

Abstract

This study investigated the effect of business process reengineering on the performance of insurance firms in Nigeria, by employing two components of business process reengineering. Survey research design was adopted, through the administration of structured questionnaires on some selected staff of insurance companies at their head offices in Lagos, Nigeria. The research instrument was validated through content validity index (CVI), while the reliability of the research instrument was tested through test-retest method. The findings revealed that, the two components of business process reengineering adopted for this study have individual positive significant effect on insurance firms' performance and adoption of new process. The F-statistics revealed that the two components of business process reengineering adopted for this study have positive significant combined effect on insurance firms' performance in Nigeria. The adjusted coefficient of determination implied that, change in insurance firms' performance is explained by the combined business process reengineering components. It is therefore concluded that, business process reengineering components are important drivers of insurance firms' performance. It is recommended that, insurance firms should introduce new technology that will aid insurance penetration, especially information communication technology (ICT). The deployment of ICT tends to make it easier for existing and new customers to pick-up insurance policies through their smart phones or personal computers. Furthermore, insurance firms should equally come up with reengineered processes. The process of serving their customers should be enhanced.

Skills Shift and Organisational Sustainability: Perspectives for the Future of Work

“…The population consists of the top and middle management staff in the selected Insurance Companies. The justifications for selecting twenty (20) Insurance Companies are owing to the fact that they are listed on Nigeria Stock Exchange and they are economically viable with strong equity assets base. The authors used total enumeration for the study sample size because the total population is not large.…”

“…in order to make up for the identified limitations of the study, the researchers suggested the following: Future research could take this investigation into only twenty (20) Insurance firms in Lagos State, further to determine effect of skills shiftonOrganisational Sustainability of Insurance Companies in other states such as, South-East, South-West, and Northern part of Nigeria where Insurance Companies were located. This paper explored the effect of skills shift, on Organisational Sustainability of selected Insurance Companies (in financial service sector), the findings of the study might have influenced the generalisability of the research findings in other industries.…”