Awash Insurance Company (AIC) has announced that it has finalized agreements with Deloitte East Africa for the design of its 10 year strategic plan and 10 year performance road map as part of its ‘Transforming Awash Insurance – Vision 2030’ initiative. The agreement was launched at a ceremony held at Hilton Addis on January 21st.
The agreement makes Deloitte the first foreign consulting firm that has been hired by an Ethiopian insurance company.
The firm was selected after competing with eight other firms that had submitted proposals for the project and AIC officials affirm that the selection took the amount of time it did due to the COVID-19 pandemic.
As per the agreement, Deloitte is expected to submit its final strategy plan within the next three months and has pledged to assist AIC in the implementation of strategies for the first year. The firm is expected to identify major gaps in Awash’s operational structures, make suggestions, and provide evaluation and feedback in three phases.
According to Deloitte East Africa’s CEO, Joe Eshun, the three phases are going to be vision and road map development, project governance, and monitoring.
Deloitte is one of the leading global experts providing audit, consultant, financial assessment, risk assessment, and other related services to customers across the globe. Recently, the Ethiopian Ministry of Finance also hired the firm to oversee the privatization efforts of Ethio Telecom as a transaction advisor.