survey
You are here  » Home   » Business News

Insurance firm bets on tech to beat fraud

By Lee Mwiti | Published Wed, February 21st 2018 at 00:00, Updated February 20th 2018 at 22:20 GMT +3
Former Uchumi Supermarket CEO Julius Kipng'etich during a press conference in Nairobi over employees strike owing to delayed salaries in 2017. [Photo by David Njaaga/Standard]

Jubilee Insurance is betting on investment in new fraud detection systems to tame an upsurge in dubious claims.

Regional Chief Executive Julius Kipng’etich said yesterday fraudulent claims had hit record highs, especially in the medical and private motor segments, eating into the underwriter’s profits in recent years.

“Fraud is very serious, especially in the medical and private motor vehicle segments. Apart from working with IRA (Insurance Regulatory Authority), we have formed an integrated database with other insurance firms where we share information that helps us combat fraudsters,” said Dr Kipng’etich when the firm launched three mobile apps for its customers and agents in Nairobi.

Self-service

The JubiAgent Medical, JubiAgent Motor, and JubiCare apps will enable users to gain access to self-service and e-commerce functionalities via their mobile phones.

According to data from the Insurance Regulatory Authority, Jubilee paid 213 liability claims, which are claims paid to a third party, 500,208 non-liability claims, and 7,936 claims in the long-term insurance business.

Kipng’etich said the firm was working with the industry regulator and the newly established Police Insurance Investigations Unit to nab both employees and clients perpetrating fraud.

Know if news is factual and true. Text 'NEWS' to 22840 and always receive verified news updates.

In the six months ending June 30, 2017, the underwriter’s profits rose by 18 per cent despite the upsurge in claims.


Would you like to get published on Standard Media websites? You can now email us breaking news, story ideas, human interest articles or interesting videos on: [email protected]

RECOMMENDED