The ICB Strategic Planning Process

The Vivian Group Ltd. (TVGL) was engaged by the Insurance Commission of The Bahamas (ICB) to support the organisation in a strategic planning process to develop a three-year, 2023 – 2025, strategic plan.

The initiative, conducted over a three-month period, engaged ICB’s staff, management teams, and other stakeholders in the planning process.

The principal project deliverables were to conduct an organisational capacity assessment, to facilitate two one-day management retreat exercises and to design and develop the strategic plan.

The main data collection tools included:

• One-on-one semi-structured interviews with various members of ICB’s management and supervisory teams.
• Design and execution of a Strategic Identity Survey, which formed the basis for the organisation’s defining of its values, mission and vision. Staff and management participated in this exercise.
• Design and execution of an organisational capacity assessment tool (OCAT). The tool allowed for internal stakeholder assessment of the ICB across four core capacity areas:
  1. Governance
  2. Operations and Management Systems
  3. Strategic and Operational Planning and Control
  4. Communications and Stakeholder Relations

Discussion and analysis of the data collected was facilitated in two one-day management team retreats. Over the course of the two retreats, members defined the strategic priorities and supporting initiatives that would frame the three-year plan.

The project concluded with the completion of the 2023 – 2025 Strategic Plan.