Vol. 14(1), pp. 33-41. , 2026.

ISSN: 2384-6151

https://doi.org/10.14662/ijebm2026025

 

 

Full Length Research

 

Pricing and Process Innovation Strategies and Performance of Insurance Companies in North Central Nigeria

 

1James Ilesanmi, 2Barnabas Barde and 3Dr. Dannap Nanzing Edmond

 

1Department of Business Administration, Faculty of Administration, Bingham University, Karu 2Department of Business Administration, Faculty of Administration, Bingham University, Karu E-mail:barnabas@yahoo.com 3Department of Business Administration, Faculty of Administration, Bingham University, Karu E-mail: eddydannap2011@gmail.com  

*Corresponding author’s E-mail:ilesanmijk@yahoo.com  

 

 

Accepted 20 March 2026

Abstract

 

This study holds significant importance for the insurance industry by empirically demonstrating the differential impact of various innovation strategies on firm performance. The objective of this paper was to examine the relationship between pricing and process innovation strategies and performance of insurance companies in North Central, Nigeria. An explanatory research design and quantitative research was adopted. The population is of this study is made up of 550 employees from insurance companies in the North Central Nigeria, which was determined using Krejcie and Morgan (1970) sample table. Structured questionnaire was adapted and administered to 304 respondents being the sample size, and 291 copies of questionnaire were returned representing 96% response rate. A stratified sampling technique was used. Partial Least Square-Structural Equation Modeling (PLS-SEM) was employed as technique for data analysis. This study found that both pricing and process innovation had a significant effect on performance of insurance companies. It was recommended that the management of insurance companies should ensure the development and implementation of pricing strategies that go beyond traditional cost-plus or competitor-based approaches such as premium pricing, discount pricing, psychological pricing and bundle pricing. The management should creatively structure prices to capture greater customer value, enhance customer relationships, optimize revenue and profitability, and differentiate from competitors. They should significantly improve methods, techniques, or workflows to enhance efficiency, effectiveness, and overall performance. The management should involve making changes to how work is performed, the sequence of activities, the utilization of resources, and the overall structure of processes.

 

Keywords: Innovation Strategies, Pricing Innovation, Process Innovation, Performance of insurance companies.

 

Cite This Article As: Ilesanmi, J., Barde, B., Edmond, DN (2026). Pricing and Process Innovation Strategies and Performance of Insurance Companies in North Central Nigeria. Inter. J. Econ. Bus. Manage. Vol. 14(1), pp. 33-41.