EFFECT OF TECHNOLOGICAL ADVANCEMENT ON THE PERFORMANCE OF SELECTED INSURANCE COMPANIES IN NIGERIA
Aminu, Aliyu Mahey, B. E. Barde and Ahmed A. Ibrahim, PhD
Volume 5 Issue 2
Abstract
This study investigated the effect of Technological Advancement on the performance of selected insurance companies in Nigeria. Specifically, the study assessed the effect of technology adoption on organisational performance and examined the impact of digital transformation on the same. A survey research design was adopted. The population comprised 1,083 senior and mid-level employees from the headquarters of sixteen (16) insurance companies listed on the Nigerian Exchange Group (NGX). Using Taro Yamane’s (1967) formula, a sample size of 292 respondents was determined. A proportional stratified sampling method combined with simple random sampling was used to ensure fair representation across the companies. Primary data were collected through a structured questionnaire developed on a five-point Likert scale, with responses ranging from strongly disagree to strongly agree. Data were analyzed using Partial Least Squares Structural Equation Modeling (PLS SEM). The results showed that technology adoption has a significant positive effect on organisational performance, while digital transformation has a positive but statistically insignificant effect on performance among the selected insurance companies. Based on these findings, the study recommends that insurance firms should continue investing in modern technological tools and platforms to enhance operational efficiency. Additionally, companies should adopt a strategic and phased approach to digital transformation, ensuring proper alignment with business objectives, employee readiness, and technological infrastructure to maximize performance outcomes. Keywords: Technology Adoption, Digital Transformation, Organisational Performance, Insurance Companies in Nigeria
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