When the authority identified its growing need for an updated system to collect, review and analyse data, it turned to Vizor to achieve its goals. 

The Challenge

IRA required a new integrated system to automate collection, review and analysis processes. Data was stored in a variety of disparate systems, which delayed supervisors in accessing the information they needed.

The Authority was moving towards a risk-based approach to supervision which required consistent and reliable data. However, the data supplied by regulated entities took a lot of time to validate. With so many entities and peaks of extreme workload, the lack of an integrated system was causing data quality issues.

The Authority needed to be able to define and add new data requirements to the system over time, without the need to go back to the vendor for software changes. To make the adoption seamless for regulated entities, IRA wanted an easy-to-use portal with access to previous returns, policy documents and guides.

The Vizor system is a key enabler of our risk-based approach to supervision. We now have the accurate and timely data we need and a platform that is dynamic and can respond quickly to new emerging risks and changes in regulation.

Elias Omondi, Actuarial & Risk-Based Projects Officer

The Solution

IRA Kenya chose Vizor Software to implement a system, known internally as the Electronic Reporting System (ERS), with an overall functional scope that included:

  • Financial data collection & analysis
  • On-site inspections
  • Document management

During a four-month internal pilot period, IRA also migrated several years of historical data to the new ERS system. The system automates an array of functionality for IRA supervisory staff, including tracking submissions and reporting on overdue submissions.

Additionally, data submitted by regulated entities is automatically analysed. Automated aggregation of returns produces aggregate market data as summary reports.

The results

Extensive automation
Before the introduction of the Vizor system, the Authority needed to hire approximately 10 additional contract staff each year to assist with data collection. This is no longer required as data is now of higher quality and validated in a more automated way. There has also been considerable timesaving. The IRA Kenya used to take six months to prepare its annual report. Now it takes just 45 days to complete.

Enabling risk-based supervision
The system is used to build a risk profile for regulated entities and give each entity a ranking within the industry in terms of risk. Risk-based supervision regimes are very dynamic, and the Authority now has a system that can be confidently used to fulfil new requirements.

Increased autonomy
Nominated members of IRA’s dedicated project team successfully completed Vizor Builder Engineer Certification, as part of their extensive training and knowledge transfer process, allowing them to manage supervisory metadata. Vizor Builder, a self-service tool, allows continuous change in line with regulation, international standards and emerging issues. Twice a year the team reviews changes in the market along with new user needs to plan the next wave of system updates.

Enhanced services for insurance service providers
The perception of the authority by regulated entities is now much improved, with the IRA recognised as innovative and forward-looking.

Entities are now automatically notified via email when a new scheduled periodic return is available for completion; they can view all previous return submissions as well as view older revisions of returns, policy documents, guides, tutorials and access online help.

To find out more about how we can help you with your risk-based supervision, request a demo with one of our expert team members.

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