Economy
THE Executive Director, African Operations, FastClaims Solutions, Mr Maybin Mudenda, says the growing acceptance of home-grown technology across the continent shows that Africa is ready for digital insurance solutions.
Mudenda, in a statement on Tuesday, said although slow regulatory processes remained a major challenge.
He said Africa must adopt indigenous technology to drive digital transformation in insurance.
“Africa has accepted that we have to use African solutions and go digital.
“The challenge is that many regulators are still slow in embracing digitalisation and artificial intelligence,” he said.
Speaking on the company’s expansion plans after launching FastClaims Partnering Insurtech in Zambia, Mudenda said the firm had begun talks with insurance operators in Mozambique, Kenya, Tanzania, Botswana and Zimbabwe to deepen its footprint across the continent.
He said the company was targeting between 40 and 60 per cent of English-speaking African countries before expanding into French-speaking markets.
Speaking on claims settlement, Mudenda said the FastClaim platform had significantly reduced the time required to process motor insurance claims.
He noted that while conventional claims settlement often took between 30 and 60 days, the company’s artificial intelligence-powered platform could complete the process within two to three hours once all required documents were submitted.
According to him, the digital platform allows policyholders to initiate claims through their mobile devices by uploading images and videos of damaged vehicles, which are analysed instantly by the AI system.
He said the technology assesses the extent of damage, validates claims against policy details, detects possible fraud and generates repair estimates without the need for physical inspections.
Mudenda noted that insurers in Zambia had expressed excitement over the platform’s ability to eliminate paperwork and accelerate claims processing.
He said that the company had earlier expanded into Ghana with its flagship FastClaim application.
He explained that the company’s latest innovation, Fast Policy Enterprise (FPE), offers an integrated AI-powered platform covering policy administration, claims management, billing, fraud detection, risk assessment, IFRS 17 compliance, actuarial valuation and business analytics.
Also, the Chief Executive Officer of FastClaim Partnering Insurtech, Mr Uche Okugo, expressed optimism over the platform’s growing acceptance across the region.
Okugo said the solution had already gained significant adoption among members of the Nigerian Insurers Association (NIA), reflecting increasing confidence in digital claims management solutions. (NAN)
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Tags: First Claims Solution Maybin Mudenda