The insurance industry in The Gambia has been treading firmly, making sure that inevitable circumstances of eventualities are met head on in the lives and affairs of the insured. And Osman Kargbo reports another area one insurer has been doing extremely well.
The quantum leaps taken by Prime Insurance Company to meet the needs of its stakeholders have continued to raise the bar for its peers in the industry. Specifically its efforts and strides to meet the needs of its stakeholders rest not only at satisfying its policyholders but also at bolstering the capacity, performance and development of its employees.
Over the years Prime Insurance Company Gambia Limited has steadily been nurturing a vibrant workforce that has catapulted the company to higher heights, as the institution continues to apply corporate social responsibility practices that impact positively not just on its community and other exogenous relations but also on its employee relations.
Empirical evidence to this fact has been provided by Awa Fatty, a young graduate of American International University, West Africa, whose dissertation in December 2024 focused on employee performance in the Gambian insurance industry.
Awa’s dissertation topic – Analysis of Corporate Social Responsibility and Employee Performance in The Gambian Insurance Industry (A Case Study of Prime Insurance Company Limited) – led her to examine the impact of Corporate Social Responsibility (CSR) practices on employee performance, focusing on environmental sustainability, economic responsibility and sustainability, and social responsibility and sustainability as key variables.
With a theoretical framework generated from stakeholder theory and instrumental theory, which highlight the importance of addressing stakeholders’ needs and leveraging CSR as a strategic tool for achieving organizational goals, the research employed a primary data collection method using a structured questionnaire administered to 31 employees at Prime Insurance Company Limited. The study also adopted a descriptive survey research design with a setting that was cross sectional in nature.
“Prime Insurance Company’s CSR strategy is designed to ensure improved relations with business partners, investors and suppliers and other stakeholders.”
The findings overwhelmingly revealed that “stakeholders and investors derive outstanding value” from Prime Insurance Company Limited as a result of its holistic approach to CSR; that the company’s CSR strategy is designed to ensure improved relations with business partners, investors and suppliers and other stakeholders.
It was also found out that CSR strategy is a social investment for creating shared value with the company’s stakeholders for the benefits of revenues and costs optimization, and that the company stakeholder engagement is a consensus-building process driving CSR activities.
The main principle of Prime Insurance’s CSR strategy is to provide high-quality products and services to customers, the Awa Fatty research discovered, stating that “the Company culture is built on trust and values and incorporates in practice the principles of accountability, transparency, ethical conduct, and consideration of stakeholders’ interest in all its dealings”.
The research also discovered that Prime Insurance “complies fully and honestly with enacted laws, regulations and standards, and performs all its business activities in a manner consistent with expectations of government and law”. It further states that the company’s CSR policy “provides a budget for community support” and “makes a difference” in every community it serves. Its CSR policy also provides and partners with relevant government agencies to provide infrastructural development projects that can enhance a community’s “quality of life”.
Prime Insurance offers wide range of CSR programmes that promote skills development, youth and sports development, art and cultural activities, and philanthropic donations, the study reveals, saying the company “is environmentally friendly and is committed” to conducting business in a sustainable manner.
“The Company is committed to minimizing risk, responding to safety concerns, and providing risk management and safety-related information,” the findings state, adding thatthe company is committed to minimizing its impact on biodiversity and the surrounding habitats, and considers environmental impact of wastes and pollutants when developing new products or services.
According to the findings, Prime Insurance is committed to sustainable resource use, energy and material efficiency, valuing and protecting ecosystem, and that Environmental Impact Assessment (EIA) is considered by the company when installing any form of technology or equipment.
It was found out that the company’s holistic approach to CSR has facilitated high employee loyalty. Also, its approach to CSR has facilitated high employee retention and motivation.
“The company’s approach to CSR really inspires the very best in me in the way of job performance,” according to employees interviewed, stating that approach to CSR has facilitated high employee satisfaction.
Awa Fatty, who has earned a BSc in Business Administration from American International University, West Africa, concludes her findings: “The findings revealed that the P-values for all independent variables were below 0.05, indicating a significant positive relationship between CSR practices and employee performance. This suggests that efforts in environmental sustainability, economic responsibility, and social responsibility contribute meaningfully to enhancing employee productivity, motivation, and engagement.
“These findings underscore the critical role of CSR in fostering a conducive work environment and promoting sustainable organizational success. The results revealed that corporate social responsibility significantly has an impact on employee performance. By addressing economic, social, and environmental aspects of sustainability within their CSR strategies, insurance companies can create a harmonious workplace where employees feel valued, motivated, and aligned with the organization’s vision. This alignment not only enhances employee performance but also solidifies the company’s reputation and long-term success.
“This research provides valuable insights for policymakers, business leaders, and academics, emphasizing the need for strategic CSR initiatives to enhance employee performance and overall organizational efficiency.”
Prime Insurance Gambia Limited, with head office at 10 Nelson Mandela Street in Banjul, is a leading insurance company of 28-year experience in the insurance landscape of The Gambia. The company provides Fire Insurance, Marine Insurance, Motor Insurance, Engineering Insurance, and Miscellaneous Accident Insurance.
