Self-assessment Report

Introduction to self-assessment.

Assessment refers to the act of determining or estimating the value of something and making
appropriate judgments on issues. It is used interchangeably with words like evaluation,
examination etc.

Similarly, self-assessment is the ability to examine yourself to find out how much progress you
have made. It is a skill that helps individuals monitor their own work or abilities, find out what
their weaknesses and strengths are, and self-diagnose relevant solutions.

The purpose of self-assessment is to help the individual know the extent of his abilities and to
improve upon them without the need of a performance appraiser. It involves the use of questions
such as; what are my strengths; what are the obstacles, etc.

Self-assessment is part of the formal employee appraisal in some organizations, where the
employee is permitted to provide his own version of his development over the past year.
Although some organizations don’t regard it so much, others value it in high esteem.

Importance of self-assessment

Self-assessment is as important to students as they are to professionals. Since this is practiced in

most organizations, it’s necessary you learn to do it properly. Aside it being a part of formal
employee appraisal, it is essential for every professional’s personal development. Some general
benefits of self-assessment are:

 Self-assessment makes you sure and confident about your capabilities. It eliminates or
reduces work related fear and uncertainty.

 It enables the employee to assess himself, make corrections quickly and improve on his
abilities. In other words, it enhances capacity building.

 It helps people in selecting occupations or educational programs that are best suited for
them. For instance; if you find out that you are an unfriendly or antisocial person, you can
tell that a career in marketing wouldn’t be the best option for you.
  Self-assessment provides direction for training. Once you know what your strengths and
weaknesses are, you can choose the right tutor or training that best fits your career needs.

 It helps the individual to write resumes and cover letters that are specific about his
abilities and highlight his special qualities. This makes your cover letter a stand out
among the others.

Even though it is so important mechanism to assess where we are and where we will go, it is the
first time for us to write self-assessment. So I want to thanks our new OIC’’s board of directors
by this chance.

Assessment Methodology

Assessment report scope is as per leading question provided for us

Assessment is focus on company’s general point few because questionaries’ are open ended

Deeply assessment was taken for questions those are related to my position and profession

1. The assessment for success and failure of OIC

Assessing organizational performance is a vital aspect of strategic management. Executives must

know how well their organizations are performing to figure out what strategic changes, if any, to
make. Performance is a very complex concept, however, and a lot of attention needs to be paid to
how it is assessed.

Using a variety of performance measures and referents is valuable because different measures
and referents provide different information about an organization’s functioning. As well, many
commonly used measures, including accounting ratios, are highly past-focused. These indicators
show stakeholders the end-results of past decisions, but do little to predict future firm
performance. Strongly managed organizations must develop a deep understanding of what events
or actions support strong(er) performance (i.e., increased product training for sales force leads to
increased sales the following quarter), and then ensure these measure these as well.

Assessing the organization whether it is successful or not is very complex and has different
drives’ measurement. For my assessment I use the following divers factor those are very popular.
 1.1 The broad level of strategic goals of the company.

To assess a given company is successful or not we have to assess the company what were
actually accomplished in given period of time with its strategic plan.

This method of assessment is well known and popular let us assess Oromia insurance
company if it successful or not based on broad strategic plan of OIC for 2015/16-2020/21.

During this strategic plan OIC set the following targets to be achieved

Objectives:

OIC aims to achieve the following objectives during the strategic plan period.

 Attain gross premium income of Birr 1.5 billion, Birr 23.2 million & Birr 20.6 million for
non-life, life and microinsurance respectively at the end of June 2021;

 Paid up capital will grow to Birr 250 million at the end of the third year;

 Maintain customers’ retention rate minimum at 85% for all renewable businesses;

 Open 35 additional branches and increase the total number of OIC’s market outlets to 70
as of June, 2021;

 Taking into account the concerted efforts of all towards prudent underwriting and
efficient claims services, corporate claims ratio of 70% has been set for the first year
and decreases to 58% on the final year (please refer to Annex II: Tables 2,13 & 16 for
industry and company loss ratios by classes of business);

 Monitor and keep motor portfolio between 62% & 46% at corporate level;

 Each year, collect 90% of outstanding premiums which are within the credit period of the
Company excepting the current debtors (if any);

 General expense ratio 25% maximum;

 Combined ratio 105% maximum;

 Increase market share to 10.53% & 2.62% from private insurers for non-life & life
insurance respectively;
 Provide short term training locally for at least 50% of the employees;

 Provide short term overseas training for at least 5% of the employees;

 Provide long term training and education locally for at least 5% of the employees;

 Provide long term overseas training and education for at least 1% of the employees;

 Register reasonable profits every year:

o 2016/17 Birr 24.4 million

o 2017/18 Birr 41.5 million

o 2018/19 Birr 130.7 million

o 2019/20 Birr 226.3 million

o 2020/21 Birr 462.3 million

 Total assets will grow to Birr 2.8 billion at the end of the plan period;

 Headquarters building construction will be completed by the end of June 2021;

 The integrated insurance and financial management system will be fully implemented in
the F.Y. 2016/17;
The assessment of core strategic plan of Oromia insurance company is summarized as follows
table.

S Objectives Plan actual

N /parameter’s
1 Premium 100% 90%
2 Paid up capital 250 M 450 M
3 Customer Retention 85 % NM
4 Branch expansion 70 44
5 Claims Ratio 58% 65%
6 Motor Portfolio 46%
7 Combined expense ratio 105% 105%
8 Market Share 10.53 3.64
9 Training /Human capital
Development
10 Headquarters building Tc 2021 Shoring+CA
11 IIMIS Project TC 2016/17 UAT

As indicated on the above table oromia insurance company registered good achievement on
divers measures like premium, paid up capital (which is above target) combined expense ratio
and claims ratio.at the same time there were divers measures those shows poor performance like
branch expansion headquarter project and IIMIS project.

Unlikely there are also drivers measures which is immeasurable or our of company attention.
These are customer retention, Motor portfolio and human capital development.

When we assess oromia insurance company‘s premium growth in last five consecutive years, the
achievement was almost 90% . This shows company is still growth within the following

This due to the following facts.

1 .when compared the achievement through industry wise OIC achievement is better.
2. The economic environment for last three years is not attractive for business.
 3. Political unrest and global pandemic diseases are the most current challenges industry
faces.

But with market segment we have, different oromia regional government business we have the
achievement registered was not represent oic. It indicate that the company has many opportunity
still not utilized effectively and efficiently.

Financial Measures

Financial measures of performance relate to organizational effectiveness and profits. Examples

include financial ratios such as return on assets, return on equity, and return on investment. Other
common financial measures include profits and stock price. Such measures help answer the key
question “How do we look to shareholders?” Such measures have long been of interest to senior
management and investors.

Financial performance measures are commonly articulated and emphasized within an

organization’s annual report to shareholders. To provide context, such measures should be
objective and be coupled with meaningful referents, such as the firm’s past performance.

This is almost traditional way of measuring organizational performance currently but oromia
insurance company use this parameters

Customer Measures

Customer measures of performance relate to customer attraction, satisfaction, and retention.

These measures provide insight to the key question “How do customers see us?” Examples might
include the number of new customers and the percentage of repeat customers.

Starbucks realizes the importance of repeat customers and has taken a number of steps to satisfy
and to attract regular visitors to their stores. For example, Starbucks rewards regular customers
with free drinks and offers all customers free Wi-Fi access. Starbucks also encourages repeat
visits by providing cards with codes for free iTunes downloads. The featured songs change
regularly, encouraging frequent repeat visits.

Internal Business Process Measures

Internal business process measures of performance relate to organizational efficiency. These

measures help answer the key question “What must we excel at?” Examples include the time it
takes to manufacture the organization’s good or deliver a service. The time it takes to create a
new product and bring it to market is another example of this type of measure.

Organizations such as Starbucks realize the importance of such efficiency measures for the long-
term success of its organization, and Starbucks carefully examines its processes with the goal of
decreasing order fulfillment time. In one recent example, Starbucks efficiency experts challenged
their employees to assemble a Mr. Potato Head to understand how work could be done more
quickly. The aim of this exercise was to help Starbucks employees in general match the speed of
the firm’s high performers, who boast an average time per order of twenty-five seconds.

One key aspect for organizations producing physical goods (as compared to services) are supply-
chain management indicators.  Both Walmart and GM are examples of the increased profits that
can result from effective management of the supply chain through initiatives such as “just-in-
time”’ supply-chain management.  Of course, to reduce supply inventory, data must be both
timely and accurate (or else you run out of key parts and the production line stops…).  In the
1990s (pre-Internet) Walmart acquired their own satellite system that allowed them to collect
sales by item and ordered replacement to restock their shelves every eight hours, while GM kept
only enough tires for four hours of car assembly at any one time!

Learning and Growth Measures

Learning and growth measures of performance relate to the future. Such measures provide
insight to tell the organization, “Can we continue to improve and create value?” Learning and
growth measures focus on innovation and proceed with an understanding that strategies change
over time. Consequently, developing new ways to add value will be needed as the organization
continues to adapt to an evolving environment. An example of a learning and growth measure is
the number of new skills learned by employees every year.
One way Starbucks encourages its employees to learn skills that may benefit both the firm and
individuals in the future is through its tuition reimbursement program. Employees who have
worked with Starbucks for more than a year are eligible. Starbucks hopes that the knowledge
acquired while earning a college degree might provide employees with the skills needed to
develop innovations that will benefit the company in the future. Another benefit of this program
is that it helps Starbucks reward and retain high-achieving employees