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Prompt claims settlement is a low-hanging fruit for insurance
Many long-term insurance companies in Kenya still rely on outdated systems that are ill-equipped to handle the growing volume and complexity of claims.
Recent data from the Insurance Regulatory Authority (IRA) showing up to 17 insurers and 15 brokers being fined for a number of breaches casts a dark shadow over the industry.
While the value of the fines has significantly dropped from the previous year, the number of players still in breach of this crucial process is alarming.
