Effect of Population Demographics on Strategic Planning in Insurance Industry in Kenya: A Study of Insurance Companies in Nakuru CBD

The study was conducted to find out the effect of population demographics on strategic planning in insurance companies in Nakuru CBD. A Correlational survey research design was adopted for the study. The target population was all the 21 insurance companies in Nakuru CBD. Census study was conducted for all the 21 Insurance Companies. Primary data was collected using questionnaires. The respondents were managers who are involved in strategic planning in the insurance companies. Data collected was analyzed using descriptive statistics and Pearson product moment correlation. The study finding reveals that according to 58% of the respondents, the insurance company staffs were oftenly involved in the planning process. According to 73% of the respondents strategic plan was oftenly reviewed and lastly according to 82% of the respondents, planning was oftenly used to show the right path for the company’s future. The results show that there was a positive correlation (0.377) between population demographics and strategic planning. The study recommends that strategic planning managers need to align their strategic planning to the population demographical factors. Successful strategic planning implementation requires effective communication, employee involvement, thorough organizational planning and competitive analysis, and widespread perceived need for the strategic planning.