Insurance sector goes electronic

Commissioner of Insurance Israel KamuzoraTanzania Insurance Regulatory Authority has procured facilities to enhance its capacity to supervise and regulate operations of the industry electronically.

Commissioner of Insurance Israel Kamuzora said in Dar es Salaam that the insurance regulatory body has procured the services of Dublin-based M/s Vizor Limited to develop, install and deploy the Risk Based Supervision System.

The system in software and hardware form will streamline the authority’s insurance sector supervision operations, Mr Kamuzora said while opening a two-day course on Vizor regulatory software application to insurance players in the country.

The Commissioner said the over 900m/- project is part of the implementation of the Financial Sector Support Project (FSP) that the World Bank has funded under the coordination of the Bank of Tanzania. The system, said Mr Kamuzora, will enable insurance companies and brokers to submit all required supervisory data online.

Other benefits include enabling insurance registrants to submit applications for licensing online. “The new system will enable automation of data validation checks and hence increase reliability of the submitted information.

This provides assurance that data is of the utmost quality, effectively removing the need for lengthy reviews and resubmission cycles,” he said.

Mr Kamuzora further said the system would enable TIRA to plan, delegate, track and analyse the entire supervisory lifecycle with ease in licensing, off-site supervision, data analysis and publication, on-site supervision and riskbased supervision.

Tanzania has the fastest growing insurance market that recorded a growth of 24 per cent in 2012 which is above an average of 15 per cent in most of developing countries.

The premium market stands at 400bn/- according to TIRA.
Source: The Daily News, reported from Dar es Salaam, Tanzania
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