The School of Finance and Applied Economics (SFAE) hosted participants of the insurance awards 2014 and other stakeholders of the awards to an insurance feedback breakfast. The event was aimed at enhancing the exchange of information and overall quality of submissions for insurance awards, eventually contributing to the enhancement of professionalism and overall growth of the insurance industry.

 

During the feedback session, judges provided participants with their observations of the quality of entries and the issues considered when arriving to the winners of each of the categories. The participants were also able to provide feedback of their own experiences while participating in the challenge.

 

In an industry that is largely undifferentiated in product offering and market target, and with many players competing on price, the insurance awards offer a much needed credible and independent platform to differentiate the quality of an organization based on various criterions. 21 of the 48 insurance companies in Kenya participated in the 2014 Insurance awards.

 

The ICEA Lion group, which took the Life Insurer of the year and the General Insurer of the year, both under ICEA general Insurance, awards shared their embedded nature of the balanced score card in internal systems. This system mirrored the criterions requested by Think Business Africa, the award organizers, in submitting evidence for various categories. The participants called for the need for a preparatory platform for organizers of the challenge to discuss with the participants the requirements of each category, enhancing the quality of entries.

 

The 2014 awards series also incorporated Deloitte as the process auditors.  They evaluated the integrity of the process, the independence of the judging panel as well as ensuring completeness of entries submitted to judges for evaluation. The Association of Kenya Insurers (AKI) played the role of observing the process and called for enhancement of scope of the awards to capture the complete circle of insurance that includes reinsurers, Intermediaries (brokers and agents), as well as ancillary service providers (loss assessors and risk surveyors). AKI further emphasized on the need to enhance the verification of entries to ensure integrity of the whole process.

 

SFAE served as the knowledge partner in the insurance awards process, with the aim of enhancing knowledge-sharing and professionalism in the insurance industry, while underscoring the values of integrity and ethical business practice. This is a core theme for the School, and Strathmore University as a whole, in training their students as well as conducting their research.