Effect of Bold Display of Mission Statement on the Performance of Insurance Industry in Nigeria

Abstract

Over the past 20 years mission statements have become one of the most popular management tools. Despite the enormous popularity of mission statements it has been plagued with some constraints. Some of which are wrong application of mission statement, poor organization structure, unethical attitudes of insurance practitioners and lack of conformity to the rules and standards by insurance organization’s workers towards the actualization of strategic goals. This study examined the effect of mission statement on business performance in Nigerian insurance industry. The descriptive research design was use. Based on a survey of 120 staff, this paper explored staff’s state of awareness of mission statements, perceptions about the bold display of mission statement and whether the organization’s mission statements has effect on their performance. Findings indicated that there was a weak positive relationship between bold display of mission statement and organization’s performance in aspect of profit making and also that there was a weak negative influence of mission statement on insurance business performance in Nigeria.

Keywords: Mission Statement, Insurance, Business Performance. Bold Display