ABSTRACT
Inno a ion S a egies on Compe i i e
Ad an age o Insu ance Companies: Media ing
ole o egula o y amewo k
Shem Sikombe*
School o Business,
Coppe bel Uni e si y
Ki we, Zambia
h ps://o cid.o g/0000-0001-9377-
1522
[email p o ec ed]
* Co esponding au ho
Joseph Phi i
School o Business,
Coppe bel Uni e si y
Ki we, Zambia
h ps://o cid.o g/0000-0003-4066-
7064
Chola Mpo okoso
School o Business,
Coppe bel Uni e si y
Ki we, Zambia
The Re ail and Ma ke ing Re iew
Volume 21, Issue 2, No embe 2025, Pages 223-241
Doi: h ps://doi.o g/10.5281/zenodo.17579718
This esea ch examines he in luence o inno a ion s a egies on he compe i i e ad an age o insu ance
companies in a de eloping economy. The s udy uses a quan i a i e co ela ional esea ch design. We collec ed da a
om 309 insu ance employees in insu ance companies in Zambia. A ques ionnai e was dis ibu ed among he
pa icipan s ia Google Fo ms. Fu he mo e, Pea son co ela ion, hie a chical mul iple eg ession, and media ion
analyses we e conduc ed using SPSS. The indings indica e ha while p oduc and p ocess inno a ions do no exhibi
a s a is ically signi ican impac on he compe i i e ad an age o insu ance companies, bo h ma ke inno a ion and he
egula o y amewo k play a signi ican ole in shaping hei compe i i e posi ioning. Fu he mo e, he indings e eal ha
he egula o y amewo k media es he ela ionship be ween s a egic inno a ion (in ol ing p oduc , p ocess, and ma ke
inno a ion) and compe i i e ad an age. The s udy p o ides insigh s o insu ance companies o enhance hei
compe i i e ad an age h ough inno a ion, emphasising he need o align p oduc , p ocess, and ma ke inno a ions wi h
egula o y equi emen s. I also sugges s ha he egula o y amewo k can ac as a ca alys o inno a ion, os e ing
sus ainable g ow h and pa ing he way o u u e s udies.
Keywo ds: P oduc inno a ion, p ocess inno a ion, ma ke inno a ion, egula o y amewo k, compe i i e ad an age
and insu ance indus y
225 The Re ail and Ma ke ing Re iew: Vol21 Issue 2 (2025) ISSN:2708-3209
1. INTRODUCTION
In ecen yea s, he insu ance indus y has unde gone a ious changes h ough inancial e o ms, ad ancemen o
communica ion, in o ma ion echnologies, globalisa ion o inancial se ices and economic de elopmen . These
changes ha e conside ably a ec ed e iciency, ma ke s uc u e and pe o mance in he insu ance indus y. In his
apidly e ol ing ma ke , companies ace cons an compe i ion d i en by swi ly ad ancing echnology, unde sco ing
he necessi y o companies o p io i ise inno a ion amids simila p oduc o e ings o secu e a compe i i e edge
(Mykhailichenko e al., 2021).
Consequen ly, signi ican a en ion has been de o ed o cul i a ing inno a i e o ganisa ions and e ec i ely
managing inno a ion as c i ical elemen s o o ganisa ional su i al (Anwa & Shah, 2021). Compe i ion is o en d i en
by business inno a ions, echnological ad ancemen s, and e ol ing cus ome demands (Zhou e al., 2024), which o e
oppo uni ies o companies o deli e mo e dis inc i e and cus ome -cen ic p oduc s and se ices, hus enhancing
compe i i eness.
Inno a ions in business, echnological ad ancemen s, and shi ing consume demands can all con ibu e o
compe i i eness (Ahmed e al., 2022). Empi ical esea ch has linked inno a ion s a egy o a compe i i e ad an age.
Ne e heless, some esea ch has shown con adic o y indings. Fo example, Al-Dmou e al. (2020) and Na han and
Rosso (2022) ound ha al hough p oduc inno a ion signi ican ly impac ed en e p ises' compe i i e ad an age,
p ocess inno a ion had no disce nible impac . Howe e , an Lieshou e al. (2021) a gue ha a company's indus y
would de e mine how i s inno a ion s a egy a ec ed i s compe i i e ad an age based on he in e ela edness o
o ganisa ional ambidex e i y, dynamic capabili ies and open inno a ion.
In he egional con ex , empi ical in es iga ions conduc ed by Samuel and Kepha (2021), Mu hoka e al. (2019),
and Mugambi and Kinyua (2020) ocused on comme cial banking ins i u ions a he han insu ance companies. Thei
indings e ealed a signi ican co ela ion be ween inno a ion s a egies and he a ainmen o compe i i e ad an age
wi hin hese o ganisa ions. D awing on con ex ual dis inc ions, Kungu e al. (2014) demons a ed ha cus ome
engagemen , inno a ion, and he e ec i eness o compe i i e s a egies a e posi i ely and s ongly in e ela ed wi hin
he Kenyan ma ke . Simila ly, Ga hee (2018) iden i ied a s ong associa ion be ween implemen ing mobile c edi
inance inno a ions and ans o ming cus ome se ice p ocesses.
1.1 RESEARCH CONTEXT/BACKGROUND
Since he enac men o he Insu ance Ac in 2021, Zambia's insu ance sec o has expe ienced subs an ial s uc u al
e o ms o s eng hen inancial s abili y and p omo e ma ke discipline. These e o ms include manda o y minimum
local owne ship h esholds 30% o insu e s and 51% o b oke s, a 10% sol ency ma gin, and a 150% capi al
adequacy a io, wi h phased implemen a ion h ough 2025 (PIA, 2023; Bank o Zambia, 2024). Consequen ly, g oss
w i en p emiums inc eased by 26.6% in 2023, eaching ZMW 7.81 billion (app oxima ely USD 429.55 million) om
ZMW 6.03 billion (app oxima ely USD 331.65 million) in 2022, while claims o alled ZMW 3.76 billion (app oxima ely
USD 206.80 million). Indus y p o i s ose o ZMW 364 million (app oxima ely USD 20.02 million) (Pensions and
Insu ance Au ho i y (PIA), 2024). These ecen ad ancemen s highligh he g owing necessi y o inno a ion ac oss
digi al pla o ms, p oduc de elopmen , and isk analy ics o os e compe i i eness and inancial inclusion in Zambia’s
e ol ing insu ance landscape.
Inno a ion S a egies on Compe i i e Ad an age o Insu ance Companies: Media ing ole o egula o y amewo k 226
Since mos companies in he insu ance indus y o e simila p oduc s and se ices, hey a e cons an ly sea ching
o s a egies o di e en ia e hemsel es om he compe i ion, a ac new cus ome s, and e ain hei cu en clien ele
(Mykhailichenko e al., 2021).
Exis ing esea ch wi hin Zambia (Nyi enda & Nyi enda, 2023) and he b oade egion has p edominan ly
emphasised comme cial banking and e-comme ce adop ion, a he han inno a ion s a egies. Due o con ex ual
di e ences, he indings o Wong and Wong (2014) in China, an Lieshou e al. (2021) in Eu ope, and Shbiel and
Olima (2016) in Jo dan canno be eadily gene alised o he A ican con ex . Recen sys ema ic li e a u e e iews by
Odhiambo and Mang (2022) sugges ha u he esea ch on inno a ion as a s a egic ool in A ica is wa an ed.
Mo eo e , he e emains limi ed engagemen wi h inancial ins i u ions ega ding he link be ween inno a ion s a egies
and compe i i e ad an age in A ican en e p ises (Kijogi e al., 2017; Pillay & Njenga, 2021).
Mo eo e , p e ious s udies on inno a ion s a egy wi hin he insu ance indus y, such as Kijogi e al. (2017), ha e
ocused solely on one dimension o inno a ion s a egy: p oduc inno a ion. Fu he mo e, he egula o y en i onmen
has o en been o e looked in esea ch on he insu ance indus y, despi e being a egula ed sec o whe e inno a ions
mus comply wi h egula o y equi emen s. Howe e , i is essen ial o acknowledge he egula o y en i onmen 's ole,
as inno a i e ini ia i es in he insu ance sec o mus align wi h egula o y manda es es ablished by he Insu ance
Associa ion o Zambia (IAZ). Consequen ly, assuming a di ec ela ionship be ween inno a ion and compe i i e
ad an age wi hou conside ing he media ing in luence o he egula o y en i onmen may be inconclusi e. The e o e,
his s udy seeks o examine he in luence o s a egic inno a ions on he compe i i e ad an age o insu ance companies
and he media ing e ec o he egula o y en i onmen .
1.2 RESEARCH OBJECTIVE
The ollowing a e he speci ic esea ch objec i es;
1. To es ablish he e ec o p oduc inno a ion s a egy on he compe i i e ad an age o insu ance companies.
2. To de e mine he e ec o p ocess inno a ion s a egy on he compe i i e ad an age o insu ance
companies.
3. To examine he e ec o ma ke ing inno a ion s a egy on he compe i i e ad an age o insu ance
companies.
4. To es ablish he media ing e ec o he egula o y amewo k on he ela ionship be ween inno a ion
s a egy (p oduc , p ocess and ma ke ing) and he compe i i e ad an age o insu ance companies.
2. LITERATURE REVIEW AND THEORY
The esea ch is ancho ed on wo heo ies, he ansac ion cos inno a ion and dynamic capabili y heo ies.
2.1 TRANSACTION COST INNOVATION THEORY
The ansac ion cos inno a ion heo y sugges s ha educing ansac ion cos s is a p ima y d i e o inno a ion,
pa icula ly in inancial inno a ion as a esponse o echnological ad ancemen s (Os aga , 2018). This heo y posi s
ha inno a ions, including p oduc and p ocess inno a ion, aim o minimise cos s by educing was age and enhancing
p ocess e iciency, he eby con ibu ing o bo h sho - e m and long- e m compe i i e ad an age (Klapki & Klapki ,
227 The Re ail and Ma ke ing Re iew: Vol21 Issue 2 (2025) ISSN:2708-3209
H1
H4a
H4b H4
H4c H3
H2
P oduc
inno a ion
P ocess
inno a ion
Ma ke ing
inno a ion
Regula o y
amewo k
Compe i i e
ad an age
2017). Addi ionally, inno a ions a e iewed as ansac ions ha achie e mo e e icien and e ec i e ope a ional
p ocesses wi hin o ganisa ions, s imula ing compe i i eness (Os aga , 2018). Consequen ly, he ansac ion cos
inno a ion heo y p o ides insigh s in o how o ganisa ions can le e age inno a ion s a egies o educe ope a ional
cos s and enhance compe i i e ad an age, making i ele an o his s udy.
2.2 DYNAMIC CAPABILITIES THEORY
The dynamic capabili ies heo y, ad anced by Teece e al. (1997), emphasises he impo ance o o ganisa ional
capabili ies in d i ing compe i i e ad an age in dynamic business en i onmen s (Teece, 2018). Dynamic capabili ies,
which in ol e in eg a ing, building, and econ igu ing in e nal and ex e nal esou ces o add ess apidly changing
business en i onmen s, a e c i ical o achie ing a supe io compe i i e ad an age (Roundy & Faya d, 2019). Human
skills and compe encies a e c ucial, as hey de ine employees' abili y o inno a e and sol e eme ging p oblems
e ec i ely (Teece e al., 2016). The heo y sugges s ha in es ing in dynamic capabili ies enables companies o adap
o ex e nal en i onmen al changes wi h agili y and speed, sus aining compe i i e ad an age (Me o & Haapio, 2022). In
he insu ance indus y, whe e echnological ad ancemen s, changing consume p e e ences, and egula o y shi s
pose signi ican challenges, dynamic capabili ies a e i al in d i ing inno a ion and main aining compe i i e ad an age
(Nayak e al., 2021).
In summa y, he T ansac ion Cos Inno a ion Theo y, and Dynamic Capabili ies Theo y collec i ely p o ide a s ong
heo e ical ounda ion o enhancing inno a ion and compe i i eness in he insu ance indus y by p omo ing inno a i e
p ac ices, and os e ing adap i e capabili ies in esponse o dynamic ma ke en i onmen s.
3. CONCEPTUAL FRAMEWORK FOR THIS STUDY
In ligh o he p eceding a gumen s, he ollowing concep ual model is de eloped o shed ligh on he ela ionships
o he a iables unde conside a ion. Each o hese ela ionships esul s in he de elopmen o he hypo heses a e
discussed below.
Adop ed om Kisuya e al. (2023)
FIGURE 1: CONCEPTUAL FRAMEWORK.
Inno a ion S a egies on Compe i i e Ad an age o Insu ance Companies: Media ing ole o egula o y amewo k 228
4. HYPOTHESIS DEVELOPMENT
4.1 PRODUCT INNOVATION STRATEGY AND COMPETITIVE ADVANTAGE
P oduc inno a ion s a egies in ol e in oducing a p oduc o se ice ha is new o he ma ke o signi ican ly
imp o ed in e ms o i s ea u es o uses (Mu ni, 2017). Technological ad ancemen s p ima ily d i e p oduc inno a ion,
cons an ly e ol ing cus ome p e e ences, sho e p oduc li e cycles, and inc easing compe i ion (Odhiambo & Mang,
2022). Fu he mo e, Ta assoli and Ka lsson (2015) analysed he inno a ion s a egies o Swedish companies be ween
2002 and 2012, using six een inno a ion s a egies based on Schumpe e 's ou ypes o inno a ion (p ocess, p oduc ,
ma ke ing, and o ganisa ional), along wi h a ious combina ions o hese ypes. They a gue ha companies do no
adop uni o m inno a ion s a egies bu ha e a ious p e e ences ega ding inno a ion app oaches. The esea che s
also no ed ha companies main ain di e se inno a ion s a egy p e e ences o e ime. These s a egies signi ican ly
impac companies' compe i i e ad an age. Thus, he ollowing hypo hesis;
H1: P oduc inno a ion s a egy signi ican ly a ec s he compe i i e ad an age o insu ance
companies.
4.2 PROCESS INNOVATION STRATEGY AND COMPETITIVE ADVANTAGE
P ocess inno a ion s a egies in ol e implemen ing new o signi ican ly imp o ed p oduc ion o deli e y me hods
(Fa ida & Se iawan, 2022). P ocess inno a ion o en in ol es acqui ing embedded knowledge ha helps o ganisa ions
coun e ac in e nal weaknesses (Ikechuwu & Ndubuisi, 2020). Ope a ional p ocesses cons i u e a c i ical ounda ion
o e ec i e inno a ion implemen a ion and ad ancing human ac i i y sys ems ac oss key o ganisa ional dimensions,
including s a egy, s uc u e, business in o ma ion echnology, and o ganisa ional cul u e (Alzoubi e al., 2022). Among
a ious p ocess inno a ion s a egies, business p ocess e-enginee ing (BPR) s ands ou as a ans o ma i e app oach
ha add esses he agmen a ion o ope a ional wo k lows, ypically di ided among mul iple unc ional uni s, by
undamen ally edesigning hese p ocesses o op imise o ganisa ional pe o mance and cus ome sa is ac ion
(Odhiambo & Mang, 2022; Kisuya e al., 2023). BPR p omo es he in eg a ion o business p ocesses cha ac e ised by
high-quali y ou pu s, clea p ocess owne ship, cus ome -cen ici y, alue c ea ion, and c oss- unc ional collabo a ion
(C ema e al., 2014). Despi e i s s a egic impo ance, he academic li e a u e has ye o ully explo e how ope a ional
p ocess e-enginee ing con ibu es o sus ainable compe i i e ad an age, he eby mo i a ing he ollowing hypo hesis.
H2: P ocess inno a ion s a egy signi ican ly a ec s he compe i i e ad an age o insu ance
companies.
4.3 MARKETING INNOVATION STRATEGY AND COMPETITIVE ADVANTAGE
Ma ke ing inno a ion s a egies in ol e adop ing new ma ke ing me hods and models ha signi ican ly al e p oduc
design, packaging, placemen , o p icing (Al-Dmou e al., 2020). These s a egies aim o mee cus ome needs, open
new ma ke s, o eposi ion a company's p oduc s o enhance sales and d i e e enue. Common ma ke ing inno a ion
s a egies include p icing models, p oduc o e s, design ea u es, placemen ac ics, and p omo ional ac i i ies.
Acco ding o Özsome e al. (2024), inno a i e ma ke ing s a egies s eng hen b and ela ionships and cus ome
expe iences, in luencing b and ma ke ing e o s and enabling b ands o be mo e cus ome - ocused.
Fu he mo e, Mi a e al. (2024) highligh he s a egic impo ance o bo h coope a i e and compe i i e app oaches
adop ed by Kenyan adio s a ions, highligh ing hei pi o al ole in d i ing inno a ion and o ganisa ional ad ancemen ;
229 The Re ail and Ma ke ing Re iew: Vol21 Issue 2 (2025) ISSN:2708-3209
mo eo e , he s udy a i ms ha inno a ion s a egies a e indispensable o achie ing business objec i es and secu ing
compe i i e ad an age, he eby p oposing he ollowing hypo hesis.
H3: Ma ke ing inno a ion s a egy signi ican ly a ec s he compe i i e ad an age o insu ance
companies
4.4 REGULATORY FRAMEWORK, INNOVATION STRATEGY AND COMPETITIVE ADVANTAGE
Compe i i e in ensi y and he egula o y egime signi ican ly in luence he ela ionship be ween inno a ion and
compe i i e ad an age in companies. Compe i i e in ensi y e e s o ie ce compe i ion due o nume ous compe i o s
and limi ed g ow h oppo uni ies (Niwash e al., 2022). Companies mus ca e ully assess hei s a egies in such
en i onmen s, as in ense compe i ion can hinde he e ec i eness o egula ma ke inno a ion p ocesses, po en ially
educing compe i i eness. The e ec i eness o an o ganisa ion’s s a egic ac i i ies, such as ma ke inno a ion,
depends on how well hey align wi h he compe i i e en i onmen (Bibi e al., 2020; Kimani & Wagoki, 2015). In highly
compe i i e pe iods, he isks and cos s associa ed wi h ma ke inno a ion can ou weigh he bene i s, diminishing a
company's abili y o main ain i s compe i i e edge.
On he o he hand, he egula o y egime, which includes ules and guidelines imposed by public au ho i ies, can
also mode a e he ela ionship be ween inno a ion and compe i i e ad an age. Regula o y amewo ks a e es ablished
o main ain ma ke s abili y, p o ec consume s, and o e see indus y ac i i ies, pa icula ly in sec o s like inancial
se ices (Hadj e al., 2020). Howe e , s ic egula ions may limi companies' abili y o inno a e, as he cos s o
complying wi h hese egula ions o en ou weigh he po en ial e u ns (Adebisi e al., 2021). Empi ical s udies ha e
shown ha ma ke egula ions can nega i ely impac inno a ion in ensi y and de elopmen (Ahmed e al., 2022). In
his con ex , he egula o y en i onmen may challenge companies' abili y o le e age ma ke inno a ions o enhance
compe i i e ad an age. Thus, compe i i e in ensi y and egula o y egimes a e c ucial in shaping how ma ke
inno a ions con ibu e o a company's compe i i e success.
H4: The egula o y amewo k signi ican ly a ec s he compe i i e ad an age o insu ance
companies.
H4a: The egula o y amewo k has a media ing e ec on he ela ionship be ween p oduc inno a ion
s a egy and he compe i i e ad an age o insu ance companies.
H4b: The egula o y amewo k has a media ing e ec on he ela ionship be ween ma ke ing
inno a ion s a egy and he compe i i e ad an age o insu ance companies.
H4c: The egula o y amewo k has a media ing e ec on he ela ionship be ween p ocess inno a ion
s a egy and he compe i i e ad an age o insu ance companies.
5. RESEARCH METHODOLOGY
5.1 RESEARCH DESIGN AND APPROACH
This s udy adop s a quan i a i e co ela ional esea ch design, jus i ied by i s sui abili y o examining he
ela ionships be ween s a egic inno a ion dimensions, p oduc , p ocess, and ma ke inno a ions and compe i i e
ad an age wi hin insu ance companies in Zambia. We employed s uc u ed ques ionnai es dis ibu ed ia Google
Fo ms o 309 insu ance employees; he esea ch ensu es a b oad da a se ha enhances gene alisabili y wi hin he
Inno a ion S a egies on Compe i i e Ad an age o Insu ance Companies: Media ing ole o egula o y amewo k 230
con ex o a de eloping economy. The use o Pea son co ela ion, hie a chical mul iple eg ession, and media ion
analysis h ough SPSS allows o s a is ical es ing o di ec and indi ec ela ionships, pa icula ly he media ing ole o
he egula o y amewo k. This app oach is app op ia e o unco e ing in e ac ions among a iables and p o ides
empi ical e idence o guide s a egic decision-making in he insu ance sec o , especially in en i onmen s whe e
egula o y dynamics signi ican ly in luence inno a ion ou comes.
5.2 POPULATION AND SAMPLE
The a ge popula ion o he s udy consis ed o 500 employees in Ki we (Zambia Insu ance Repo , 2023). Wi h a
ma gin o e o o 5%, a 95% con idence le el, and a 50% esponse dis ibu ion, he Raoso online sample size
calcula o sugges s 300 is he ep esen a i e sample because he esea che canno ob ain da a om he comple e
popula ion due o ime and esou ce es ic ions. Since mul iple eg ession analyses equi e a p obabilis ic sampling
me hod, he andom sys ema ic sampling me hod will be employed. A sample size o 300 esponde s is app op ia e
o he s udy since i add esses any de ia ions om eliabili y analysis and no malcy s anda ds. (Allen-Leigh e al.,
2017; Mwiya, 2014).
5.3 DATA COLLECTION AND SAMPLE PROFILE
Da a was collec ed using Google Fo ms, and an online sel -adminis e ed su ey was cons uc ed and sha ed ia a
link on social media pla o ms. Table 1 e eals ha he sample was p edominan ly male, comp ising 72.5% o
esponden s, while emales accoun ed o 27.5%. The age dis ibu ion indica es ha 33.7% o pa icipan s we e
be ween 20 and 30. Rega ding educa ional quali ica ions, 33.3% held ce i ica es and 28.8% possessed deg ees.
Addi ionally, 52.4% o esponden s epo ed ha ing 10 o 15 yea s o expe ience in he insu ance sec o , ypically in
mid o senio managemen posi ion.
TABLE 1 SAMPLE PROFILE
Response
F equency
Valid Pe cen
Female
85
27.5
Male
224
72.5
To al
309
100
Age ange
F equency
Valid Pe cen
20 – 30
104
33.7
31 – 40
94
30.4
41 – 50
90
29.1
51 – 60
18
5.8
61 and abo e
3
1
To al
309
100
Ma i al S a us
Response
F equency
Valid Pe cen
Ma ied
245
79.3
Single
64
20.7
To al
309
100
231 The Re ail and Ma ke ing Re iew: Vol21 Issue 2 (2025) ISSN:2708-3209
Academic Quali ica ion
Response
F equency
Valid Pe cen
G ade 12
62
20.1
Ce i ica e
103
33.3
Diploma
44
14.2
Deg ee
89
28.8
Mas e s Deg ee
9
2.9
PhD
2
0.6
To al
309
100
Yea s se ed
Response
F equency
Valid Pe cen
Less han 5 yea s
26
8.4
5 – 10 yea s
86
27.8
10 – 15 yea s
162
52.4
15 – 20 yea s
30
9.7
21 yea s and abo e
5
1.6
To al
309
100
5.4 MEASUREMENT MODEL AND INTERNAL VALIDITY JUSTIFICATIONS
Table 2 ou lines he cons uc s and i ems comp ising he s udy’s measu emen model, wi h all measu emen i ems
adap ed om es ablished li e a u e o ensu e in e nal alidi y (Kisuya e al., 2023). Each i em was assessed using a 5-
poin Like scale anging om 1 (s ongly disag ee) o 5 (s ongly ag ee), allowing esponden s o exp ess a ying
le els o ag eemen . The eliabili y and in e nal consis ency o he ins umen we e e alua ed using C onbach’s alpha
using SPSS, a s a is ical measu e ha assesses he deg ee o in e ela edness among i ems. While a coe icien o
0.70 o highe indica es accep able eliabili y, alues as low as 0.60 a e deemed accep able wi hin he social sciences
(Field, 2009).
TABLE 2 MEASUREMENT MODEL
Va iable
I em
Sou ce
C onbach’
s Alpha
P oduc
inno a ion
PI1 My company no mally in oduces new insu ance p oduc s om ime o ime o sui he
cus ome 's needs
PI2 My company no mally in oduces new insu ance- ela ed se ices om ime o ime o sui he
cus ome 's needs
P13 My company no mally imp o es he exis ing p oduc s om ime o ime o sui he cus ome 's
needs
PI4 My company no mally imp o es he exis ing insu ance- ela ed se ices om ime o ime o sui
he cus ome 's needs
PI5 My company o e s a wide ange o p oduc s based on he cus ome 's p e e ences compa ed o
he compe i o s
Kisuya e al.
(2023)
0.638
P ocess
inno a ion
PRI1 My company consis en ly imp o es he deli e y sys ems o enhance cus ome alue
PRI2 My company consis en ly in es s in he applica ion o echnology in se ice deli e y o enhance
cus ome expe ience
PRI3 My company consis en ly adop s new deli e y p ocesses o enhance cus ome alue
PRI4 My company consis en ly imp o es he exis ing p ocesses o enhance cus ome alue
PRI5 My company consis en ly adop s new me hods o se ice p o ision o enhance cus ome alue
Kisuya e al.
(2023)
0.796
Ma ke ing
inno a ion
MI1 My company has eso ed o he adop ion o online ma ke ing pla o ms as pa o i s ma ke ing
app oaches
MI2 My company has eso ed o he adop ion o mobile apps as pa o i s ma ke ing app oaches
MI3 My company has eso ed o he adop ion o digi al ad e ising as pa o i s ma ke ing
app oaches
MI4 My company has eso ed o he adop ion o media ma ke ing as pa o i s ma ke ing
app oaches
MI5 My company has eso ed o he adop ion o social media pla o ms (Facebook, Ins ag am,
Twi e (now X)) as pa o i s ma ke ing app oaches
Kisuya e al.
(2023)
0.791
Inno a ion S a egies on Compe i i e Ad an age o Insu ance Companies: Media ing ole o egula o y amewo k 232
Va iable
I em
Sou ce
C onbach’
s Alpha
Regula o y
amewo k
RF1 Compe i ion egula ions a ec he pu sui o a ious ma ke ing app oaches
[RF2 Compliance policies a ec he adop ion o a ious insu ance p oduc s and se ices
RF3 Ce i ica ion policies a ec he adop ion o a ious insu ance p oduc s and se ices
RF4 Co po a e go e nance equi emen s a ec a company's ope a ion
RF5 In e ope abili y egula ions a ec he adop ion o a ious insu ance p oduc s and se ices
Kisuya e al.
(2023)
0.870
Compe i i e
ad an age
CA1 Ou company o e s compe i i e cos (a o dable p emiums)
CA2 Ou company has been consis en ly pe o ming be e o he las 5 yea s
CA3 The insu ance p oduc s we o e a e comple ely di e en ia ed and di e en om hose o
compe i o s
CA4 The insu ance se ices we o e a e comple ely di e en ia ed and di e en om hose o
compe i o s
CA5 We a e lexible in ou app oach and se ices o ou cus ome s
CA6 We ha e a wide geog aphical co e age wi h b anches ac oss Zambia
CA7 Ou cus ome base has been inc easing s eadily o e he yea s, and hus ou sha e in he
ma ke is signi ican
Kisuya e al.
(2023)
0.902
6. RESEARCH FINDINGS
6.1 CORRELATIONS STATISTICAL ANALYSES
The co ela ion analysis p esen ed in Table 3 examines he ela ionships be ween con ol a iables and compe i i e
ad an age. The esul s indica e ha gende ( = -0.030, p > 0.05) and leng h o se ice ( = -0.079, p > 0.05) do no
exhibi s a is ically signi ican associa ions wi h compe i i e ad an age. Howe e , academic quali ica ion demons a es
a s a is ically signi ican bu weak nega i e co ela ion ( = -0.116*, p < 0.05), sugges ing ha highe academic
a ainmen may be modes ly associa ed wi h lowe le els o compe i i e ad an age. I is impo an o no e ha he
nega i e co ela ion e lec s he di ec ion a he han he s eng h o he ela ionship (Pallan , 2020), and may imply he
p esence o media ing a iables (Mwiya e al., 2019; Zhao e al., 2010). In con as , all independen a iables, p oduc
inno a ion ( = 0.210**, p < 0.01), p ocess inno a ion ( = 0.389**, p < 0.01), ma ke inno a ion ( = 0.408**, p < 0.01),
and egula o y amewo k ( = 0.569**, p < 0.01) exhibi s a is ically signi ican posi i e co ela ions wi h compe i i e
ad an age. Acco ding o Cohen's (1988) guidelines, hese co ela ions ange om small o la ge in magni ude,
indica ing ha each independen a iable con ibu es uniquely and posi i ely enhances compe i i e ad an age.
TABLE 3 CORRELATION ANALYSIS
No.
Va iables
Mean
S d. De
1
2
3
4
5
6
7
8
1
Compe i i e
Ad an age
1.900
0.672
1
2
Regula o y
F amewo k
1.788
0.673
.569**
1
3
Gende
0.720
0.447
-.030
-0.009
1
4
Academic
Quali ica ion
2.630
1.211
-.116*
-0.153**
0.058
1
5
Leng h Se ed
2.680
0.824
-.079
-0.042
0.097
0.406**
1
6
P oduc
Inno a ion
1.647
0.394
.210**
0.264**
-0.025
-0.023
-0.084
1
7
P ocess
Inno a ion
1.829
0.533
.389**
0.461**
0.087
-0.164**
-0.129*
0.233**
1
8
Ma ke ing
Inno a ion
1.828
0.558
.480**
0.494**
0.033
-0.151**
-0.91
0.237**
0.473**
1
* Co ela ion is signi ican a he .05 le el (2- ailed).
** Co ela ion is signi ican a he .01 le el (2- ailed).
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