Influence of Technological Factors on Organizational Performance of Insurance Companies in Somalia

Abstract

This study established the influence of technological factors on organizational performance of insurance companies in Somalia. The study incorporated innovation theory. A descriptive research design was employed to meet the study's research objective. The study focused on five insurance companies in Somalia, namely Takaful Insurance of Africa, Umma Insurance Brokers, Amana Insurance, Baraka Insurance, and Som-Takaful Insurance. A total of 73 respondents, including Chief Executive Officers, heads of departments, and their assistants were interviewed. Due to the study's small sample size, a census approach was used, and structured questionnaires were distributed to the sampled population. Quantitative data was analyzed objectively using the Statistical Package for Social Sciences. Various descriptive statistical methods, such as frequency distribution tables and percentages, were used to examine and summarize the study's findings. Correlation analysis and multiple regression analysis were utilized to determine the relationship between the independent variables and the dependent variable, as well as the effect of strategic determinants on the

organizational performance of insurance businesses in Somalia. Model significance was determined using F- tests and Analysis of Variance (ANOVA) at a 95 percent confidence level. The researcher strictly adhered to

research ethics throughout the study. The analysis revealed that the technological factors under investigation had a positive and statistically significant relationship with organizational performance of insurance companies in Somalia. Consequently, the study concluded that the organizational performance of insurance companies in Somalia was influenced by technological factors.