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The Pensions and Insurance Authority (PIA) Zambia gains new efficiencies with online submissions

The Challenge

With more than 600 entities reporting into it, PIA Zambia moved to implement a long-term financial sector development plan. To support its vision of strengthening its autonomy and its risk-based supervision capabilities it needed an integrated data collection and supervision solution.

The requirements included a true risk-based approach to supervision, a structured support process for inspections and a detailed risk-based view of each regulated entity. PIA Zambia required implementation of the new system within a strict timeline of seven months and within budget.

The Solution

Working with PIA Zambia, we deployed three core solutions, covering areas of regulatory returns and licensing, and risk-based supervision, to enable the regulator to consolidate and improve the efficiency and effectiveness of the data it collects, including licensing for new market applicants. The authority now has a holistic risk-based supervision system with a comprehensive overview of the risk profile for each regulated entity (600+), on-site and off-site inspections capabilities, and a single portal for data submission.

The system enables all regulated entities to manage submissions electronically. PIA wanted this capability to be part of an integrated system that would provide structured support processes for inspections and a holistic risk-based view of each regulated entity. This includes:

  • Applications for registration and licencing
  • applications for appointments which are subject to a Fit and Proper Test
  • Audited Annual Financial Statements, Actuarial Valuation Report/Certificates, Annual and Quarterly Returns and Solvency Statements.
  • The system continuously updates a regulated entity’s risk profile through ongoing supervision activities and assessment, which is used to determine the ongoing frequency and intensity of supervision.

(The company) provides a holistic suite of features geared specifically toward risk-based financial supervision and was, therefore, the best fit for our requirements.

Nicholas Mbuya Insurance Project Manager
Pensions and Insurance Authority of Zambia

The results

  • The new system has instituted a transformation in financial supervision. It includes a comprehensive risk profile for each regulated entity populated by returns collections, on-site inspections, surveys and ad-hoc requests and management meetings with regulated entities. The entire process is now fully traceable and accountable.

  • Zambia’s PIA now benefits from significant improvements in the quality, consistency, reliability, and integrity of information submitted to, and subsequently published. PIA can now execute powerful validation rules that validate all data—not just within a return, but also across time, across returns and against the regulated entity’s corporate profile.

  • Now, all regulated entities can report through one system. PIA receives early warning notifications if key data thresholds are breached, enabling early intervention and a proactive approach.

  • The complete project was delivered in 30 weeks and within budget. Our supervisory solution is based on commercial off-the-shelf software. The extensive configuration capability ensured the project was delivered without delays normally found in big system projects.

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