Description: This study uses structured questionnaires to explore the innovation management process involving companies in the insurance sector in Albania. The objectives of this study are to give e brief history of the Insurance Sector in Albania (start-up problems and challenges) and to identify components of the implementation of innovation management in this sector. The hypothesis of this study concerns the impact of innovation management in the financial performance of companies in the study. The results show that most companies apply the elements of strategic management and are involved in the planning process of the future.