The Integrated Motor Insurance Database System portal, meant to curb rampant fraud, will be up and running by the end of January 2018, Association of Kenya Insurers (AKI) has said.
Service provider SwiftAnt IT Solutions PVT has met all AKI members to lay out plans on how to integrate the platform to individual systems.
The system, AKI said, will provide members with a portal where they can verify the validity of information provided by customers.
From the portal, underwriters will be able to verify the underwriting and claims history of an insured motorist as well as receive alerts on various fraud indicators that will be built into the system when it is completed and fully functional.
AKI executive director Tom Gichuhi, Monday, said 12 companies had connected to the system and were submitting data with the association in the process of onboarding everyone. The lobby has more than 40 underwriters.
“By the end of January 2018, the system should be fully operational, and of course there may be some teething problems. We intend to fix them as we move along,” said Mr Gichuhi.
Private motor insurance cover contributed to underwriting industry losses of Sh3.43 billion in 2016 up from Sh3.36 billion in 2015.
In contrast, the commercial motor cover recorded underwriting profit of Sh1.07 billion in 2016 up from Sh0.66 billion in 2015.