Moses Onyango Odhiambo, born in the sunny morning of 22nd September 1980 is a financial and insurance specialist with a career developed in the top financial and Telecommunication companies in East Africa, currently serving as the insurance officer at South Nyanza Sugar Company Ltd.
Before the current assignment, he worked at Safaricom Ltd as the Insurance Manager, managing the entire insurance portfolio amongst other assignments.
He Started school in 1987 at Sanda Primary School in Siaya County and sat for KCPE exams at Ugwedhi Sigawa Primary School in Migori County before joining Kanga High School where he sat for KCSE exams in 1998. He later joined the University of Nairobi in the year 2000 graduating with Bachelors of Commerce (Insurance Option) degree in 2004 and a further study for masters in Science (Finance) degree from the same institution. Moses is a Certified Public Accountant of Kenya CPA(K) as well as an Associate of Chartered Insurance Institute (UK).
Moses is married to Doreen Naa Onyuka since 2008 and are blessed with two sons namely Jacee Derek (2009) and David Hansel (2018) and: one daughter Basha Isdora (2013). Doreen is a teacher with a specialization in Early Childhood Education. Moses is a Christian and has served his master in various capacities.
Moses is a champion of Innovation and inspire thought leadership through social lab approach. Key to this is his contribution in designing the BIMABOX regulation guidelines which is making it possible to test insurance products/innovations on live environment in Kenya.
Abstract
The study sought to establish the effect of Actuarial Function on the financial performance of health insurance providers in Kenya. Actuarial function is a fulfilment of the requirement of EU, article 48 of the Solvency II Directive. International Association of Insurance Supervisors (IAIS) describes actuarial function as a structure of operational and oversight controls focused on making technical provisions and expressing judgement on underwriting policy and reinsurance arrangement (IAIS, 2015). The study first established whether health insurance firms had adopted the actuarial function and the year of such establishment for each firm. Financial performance was measured using Underwriting Profit for medical business, Return on Assets (ROA) and Solvency. Financial data for 3 years pre and post adoption of each firm was obtained for the purpose of the study. The study population comprised of 21 insurance firms offering health insurance of which a census was carried out. The study used secondary data being the financial results for each company as published IRA. Dates of adopting actuarial function was obtained by calling head of actuarial function in each of the companies. From the data analysis, it was confirmed that the combination of the three indicators of firm performance (Return on Assets, solvency and Underwriting Profits) were significantly influenced by adoption of actuarial functions. Underwriting profit was strongly correlated to adoption of actuarial function. The correlation coefficients establish some significant relationship between actuarial function and firm performance. The findings gives confidence to health insurance firms and policy makers to adopt actuarial function as a measure to improve firm performance. It would be recommended that insurance firms and stakeholders undertake a follow-up study to determine whether actuarial functions have significant influence on the financial performance.
Research Supervisors
Dr. Cyrus Iraya