Pensions and Insurance Authority of Zambia Launch Vizor Software

Today, Vizor Ltd. announced that the Pensions and Insurance Authority (PIA) of Zambia has “gone live” with its Insurance and Pensions Supervisory Management system. The new system, implemented by Vizor, will be used to strengthen and enhance the regulatory capacity of the PIA by enabling more than six hundred Pension and Insurance entities to electronically submit and manage:

• Applications for registration & licensing of regulated entities;
• Applications for appointments which are subject to a Fit and Proper Test;
• Audited Annual Financial Statements, Actuarial Valuation Report/Certificates,
• Annual & Quarterly Returns and solvency statements.

“PIA in Zambia chose Vizor for several reasons,” commented Nicholas Mbuya, PIA Insurance Project Manager, “among these is because it is a product that provides a holistic suite of features geared specifically towards risk-based financial regulation and was, therefore, the best fit for our requirements.”

Zambia PIA’s implementation was delivered under budget in just thirty weeks and includes three of Vizor’s core products: Vizor Licensing and Regulatory Transactions, Vizor Regulatory Returns and Vizor Risk Based Supervision. Now that it is live, all regulated entities report through one system, resulting in significant improvements in the quality, consistency, reliability and integrity of information submitted to, and subsequently published by the PIA.

In addition, the platform provides a scalable and flexible technology architecture that can be leveraged for future data collection and reporting needs.

About the Pensions and Insurance Authority: The Pensions and Insurance Authority (PIA) is the regulatory and supervisory body for the pensions and insurance industry in Zambia. Its mission is “To regulate and supervise the conduct of the pensions and insurance industry in order to protect the interests of pension scheme members and insurance policyholders and foster the industry’s growth, development and stability.”