ENTREPRENEURIAL MINDSET AND BUSINESS SUCCESS OF INSURANCE COMPANIES IN SOUTH-SOUTH, NIGERIA

Abstract

 Insurance companies in South-South, Nigeria are struggling with innovation, customer satisfaction and financial success. Hence this research examines the relationship between entrepreneurial mindset and measures of business success (innovation, customer satisfaction & financial success) of insurance companies in South-South., Nigeria. Three research questions and three hypotheses guided the study. The population of the study was 27 insurance companies. The sample size of 510 respondents was obtained using census and purposive sampling technique. The instrument used for data collection was a structured questionnaire. The reliability of the research instrument was obtained using Test-retest method with Cronbach alpha at a 0.70 threshold which implies that the items were reliable. The data retrieved was 460 and used for analysis using Spearman’s Rank Order Correlation Coefficient via Statistical Package for the Social Sciences (SPSS) version 22 for the test of hypotheses at .05 level of significance. Based on the results, entrepreneurial mindset has a positive correlation with measures of business success (innovation, customer satisfaction & financial success). Therefore, the study concluded that entrepreneurial mindset enhances measures of business success (innovation, customer satisfaction & financial success). Hence, the study recommended that management of firms should encourage creativity and idea generation among employees by investing in research and development, digital transformation, and innovative insurance products tailored to emerging risks