Cyber Crime Alarming Rate in Kenya Cyber-crime is growing at an alarming rate in Kenya. These threats are of huge intensity as they deal with issues concerning national security and the privacy of individuals. In Kenya according to government data, we approximately lose 2 billion KSH annually due to illegal cyber activities – Cyber-crime. Is Your…
The East African manufacturers are due for benefits of predictive maintenance. Effective and efficient maintenance is at the heart of any factory or plant. Traditionally, maintenance was based on failure. We fired up our systems, and when something broke, we rushed in and fixed it. This has proven to be costly — very costly. Predictive…
Ma3route, a crowd sourcing traffic data application, reported 1,141 motor accidents around Nairobi in the month of May, 2015. And they categorized City Cabanas, GM, Airtel HQ, Bellevue, Integrity Centre and Githurai 45 as the most accident prone areas. Accident Hot Spots on M3routes
Insurance fraudsters stage a car accident to reap financials gains from insurers. They make inflated car damage claims against their insurance company. Unfortunately, these scams are mostly organized by crime rings and are not unique to Kenya. Salvage Vehicle Story For example, a buyer buys a salvaged vehicle and doesn’t repair it. Then they insure…
The claims incurred under general insurance business were KES 24.39 billion from Jan – June 2015. This was a 19.9% increase from the previous year (2014 Q 2: KES 20.34 billion). Furthermore, the incurred claims ratio ((Incurred claims/Net earned premium)*100) was 62.5%, an increase from 59.8 in 2014.
As of August 2015 the Fraud Investigation Unit has resolved 30 (7%) cases with 12 that resulted in convictions. However, the unit has an enormous task because 57% of the cases filed are still under investigation. Kenya continues to have the highest number of undetected fraud cases in the region. Insurance fraud unit In numbers
The Insurance Regulatory Authority (IRA) established the Insurance Fraud Investigation Unit because insurance fraud increases the cost of doing business, places businesses at risk and is a leading cause of insurance company insolvencies. A few of the many functions of the unit are to interview suspects, make arrests and charge suspects according to the law,…
Kenya Insurers Lost KSh104 Million in 2015. This were underwriting losses in general business in the six months to June (2015) following a spike in claims in the motor and medical classes. KES 104M Loss The sector recorded a loss of Sh104 million in the core business compared to a profit of Sh1.2 billion posted…
IBM Counter Fraud Management is a new, next generation offering, delivered as a single, integrated solution, that addresses all phases of enterprise counter fraud measures. – IBM CFM #CFM4Insurance summit coming Q1 2016 organized by Comztech and IBM in Nairobi
BUSY is an integrated business accounting software for Micro, Small and Medium businesses. With over 1,20,000 installations (over 6 Lac Users) worldwide, BUSY is one of the leading accounting softwares in India. Busy Features include: • Financial Accounting (Multi-Currency) • Inventory Management (Multi-location) • Production / Bill of Material • Sales / Purchase Quotations • Sales…
