Abstract
Insurance companies operate on the financial market and work with a wide range of market participants, including insurance undertaking owners, managers, and employees, exclusive agents, independent agents, insurance brokers, private and institutional clients, banks, reinsurers, outsourcing companies, market competitors, insurance organisations, providers of business support services, and members of the community. Insurers must meet the needs of each stakeholder group. The owners, management, staff, and exclusive agents make up an insurance firm's internal environment. An insurance company's external environment is formed by private and institutional clients, insurance brokers, other insurers, outsourcing firms, insurance organisations, business support service providers, research and development organisations and community members.
This research is based on both primary and secondary data. The primary data is gathered through a questionnaire from both internal insurance stakeholders and external insurance stakeholders. The acquired data was examined using statistical tools and techniques, descriptive and tabular analysis is used for dependent variables, averages for obtaining the mean values of particular elements, and T-test.