July 15, 2021
Institutions around the globe are anchored on key strategies for them to prosper and grow in their various market niches. Marketing gurus aver that the full utilization of the four P’s – Product, Price, Promotion and Place – are fundamental in propelling organizations into growth and profitability. However, since the prevalence of the COVID-19 pandemic, marketing dynamics have changed and those not willing to join the tide of change are either losing business or going under altogether. Insurance and Reinsurance brokers such as Minet are no exception. However, despite all the aforementioned, there furthermore exists one essential impetus for growth and profitability: the application of Monitoring and Evaluation (herein after referred to as M&E) principles in managing existing clients, prospective clients, and operations.
M&E is derived from results-based monitoring and evaluation systems commonly applied in projects and programmes in the public sector and non-governmental organizations. Monitoring is a continuous function that uses the systematic collection of data on specified indicators to provide management and other main stakeholders with indications of the extent of progress and achievement of a programme. Furthermore, monitoring routinely collects qualitative and quantitative data on the specified indicators and ultimately report progress to the internal line and staff. In this view, monitoring is undoubtedly a key driver; if applied effectively, not only does it increase profitability but also efficiency and economies of scale. Conversely, Evaluation is the systematic and objective assessment of an on-going or completed programme including its design, implementation, and results. Several aims can be apparent in this realm, however essential for this discussion is that either formative or summative evaluation should provide information that is credible and useful, thereby enabling the incorporation of lessons learned into the decision-making process of operations and staff. In this light, evaluation analyses why intended results were or were not achieved, assesses specific causal contributions of activities to the results and examines the implementation process. In addition, evaluation explores unintended results, provides lessons, and offers recommendations for improvement. This quietly speaks volumes of how these complementary tools are fundamental key drivers of Minet operations in 2021 and beyond.