The Insurance Regulatory Authority (IRA) in Kenya is a government agency responsible for the regulation, supervision and development of the insurance industry.

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

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 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 Insurance Regulatory Authority Kenya

IRA Kenya chose Regnology SupTech to implement a system, known internally as the Electronic Reporting System (ERS).

The functional scope included financial data collection & analysis, on-site inspections and 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 IRA is now recognized for its innovative and forward-looking approach built on:

  • Extensive automation

    Before the introduction of the system, the Authority needed to hire approximately 10 additional contract staff each year to assist with data collection. The improved data quality and automation, allowed the IRA Kenya to reduce the 6-month report preparation to 45 days.

  • 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

    The Builder, a self-service tool provided by Regnology to handle supervisory metadata, allows the IRA team to monitor changes in regulation and international standards and identify emerging issues, to plan ahead system updates twice per year.

  • Enhanced services for insurance service providers

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

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