CORPORATE ENTREPRENEURSHIP AND STRATEGIC THINKING: THE MISSING LINK IN NIGERIAN INSURANCE INDUSTRY’S QUEST FOR IMPROVED PERFORMANCE

Abstract

This study examines corporate entrepreneurship and strategic thinking as the missing link in the Nigerian insurance industry’s quest for improved performance. The Nigerian insurance industry has been going through turbulent times due to the introduction of the treasury single account (TSA), by the federal government in 2015, which makes spending more difficult by government ministries, agencies and departments. Thus, the days of armchair insuring whereby insurance companies thrive on huge premium payments by these government institutions on an annual basis without giving much thought to other business development efforts appear to be over. Since 2016, many of the insurance firms have been finding it difficult to pay staff salaries and meet other corporate obligations as a result of the economic downturn, dwindling premium earnings and cut in government spending. This research attempts to examine how corporate entrepreneurship and strategic thinking, if adopted, could provide the panacea for improved performance in the Nigerian insurance industry. The study utilizes a qualitative design based on the interpretivist philosophy while subjectivism is its ontological orientation. Findings from the study suggest that if the insurance firms in Nigeria adopt corporate entrepreneurship and strategic thinking, the industry is likely to experience rapid market growth, higher penetration rate, soaring premium receipts, lower customer apathy and improved financial performance.