Insurance Regulatory Authority is a statutory government agency established under the Insurance Act, CAP 487 of the Laws of Kenya to regulate, supervise and develop the insurance industry. The Authority has been implementing 2013– 2018 Strategic Plan for the last two and a half years and found it necessary to undertake a midterm review. The midterm review of the strategic plan was undertaken to ensure that necessary changes are incorporated based on the prevailing internal and external operating environment. The review entailed determination of the implementation status of the plan, environmental scanning and revision of the objectives, strategies and the key performance indicators. The plan takes cognizance of changes taking place in the country due to implementation of the 2010 Constitution and alignment of the plan with government aspirations as documented in the Kenya Vision 2030.
In developing the revised strategic plan, a participatory and all inclusive approach was adopted. This entailed interviews, review of various documents and workshops with the Board of Directors and Management.
An analysis of the Authority’s past performance in the implementation of the plan and a scan of the operating environment were carried out focusing both on internal and external environment. The analyses resulted in the identification of the strengths,weaknesses,opportunities and threats as well as stakeholder rights and obligations.The situational analysis culminated in identification of strategic issues that are key in developing institutional goals over the plan period. The goals identified are to:
- Promote consumer education and protection.
- Promote an inclusive, competitive and stable insurance industry.
- Offer quality customer service.
For each of the identified goals, strategic objectives were formulated and strategies to be pursued developed.
The strategic objectives are as follows:
- Settlement of claims admitted to be within 30 days.
- Complaints resolution within 30 days from 71% in 2015 to 90% by 2018, and the balance of the complaints to be resolved by the end of 90 days.
- Improve the insurance penetration from 2.9% in 2015 to 3.5%, insurance density from 25.3 US dollars to 38 US dollars by 2018.
- Reduce number of counties with a density of less than Kshs 2000 from 94% in 2015 to 70% in 2018.
- Enhance the stability of the insurance industry
- Increase customer satisfaction from 68% in 2015 to 85% by 2018.
The implementation plan is presented in chapter five. For each strategy, it identifies the expected outcomes, the activities, output indicators, timelines and the key implementing actors. This is followed by a monitoring and evaluation (M&E) framework in chapter seven. The M&E framework includes key performance indicators for tracking results.
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