Mr. Mustapha Mugisa a fraud and forensic expert making a presentation on ‘Rethinking Insurance-Beyond Business as usual’, at the CEO’s Breakfast meeting last week at Serena Hotel, Kampala.
Insurance companies have been asked to embrace anonymous whistle blowing to manage risks of fraud and offer enterprise risk solutions to their clients.
This was echoed by Mr. Mustapha Mugisa, a fraud and forensic specialist at the 34th Chief Executive Officers’ breakfast meeting held at Serena Hotel.
Mugisa said, “About 5 per cent of revenue collected by insurance companies is lost in fraud. Fraud activities are taking place in the minds of many people especially medical insurance fictitious claims. Insurers need to embrace big data profiling among themselves to enable them undertake predictive risk profiling,” Mugisa said.
The IRA Chief Executive Officer, Alhaj Kaddunabbi Ibrahim Lubega said that, “Uganda’s insurance industry was operating in a competitive environment yet there are targets to meet and promises to deliver on.” He advised players to change their business operations, offer competitive products to policyholders, meet the needs and demands of policyholders as well as maintain adequate capital to meet the regulatory requirements and provide adequate shareholder returns.
He noted the need for insurers to re-invent themselves, adapt to the changing needs of the insurance market as well as respond to the needs and aspirations of customers.