Digitalisation across the insurance value chain brings with it several benefits including improved customer experience, awareness, innovative products, and interactions with intermediaries. This has, however, led to increased exposure to fraud.
The PwC Global Economic Crime Survey 2022 records 63 percent of Eastern African respondents reported having experienced fraud compared to 46 percent globally. The need for automated risk management and fraud control using Artificial Intelligence, Machine Learning, and Blockchain to strengthen fraud prevention and protection is thus more crucial than ever before.
