Strategic Role Of Technology In Fraud Management In The Insurance Industry In Kenya: A Case Of Selected Insurance Companies
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Date
2023-08
Authors
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Journal ISSN
Volume Title
Publisher
School of Business and Economics, Daystar University
Abstract
ABSTRACT
Increasing the use of technology has greatly changed the way insurance companies operate and their relationship with customers. However, fraud has been a major deterrent to the growth of the industry. The purpose of this study was to establish the strategic role of technology in fraud management in the insurance industry in Kenya with a focus on selected insurance companies. The purpose of the study was to determine the strategic role of technology in the insurance industry in Kenya. The specific objectives of the study were to: identify the strategic role of technology in the insurance industry in Kenya; to establish the indicators of efficient fraud management in the insurance industry in Kenya and to establish the extent to which technology was applied in fraud management in the insurance industry in Kenya. The study employed a descriptive research design. A target population of 1190 individuals from 7 insurance companies was used and a simple random sampling technique was selected to determine the appropriate sample size. The study adopted a 30% sample size form the target population leading to a sample of three hundred and fifty-seven (357) respondents. The primary data was collected using a self-administered structured questionnaire. Data were analyzed using Microsoft Excel and Statistical Package of Social Science (SPSS) version 23. The findings of the study revealed that the use of technology would assist insurance firms in maintaining optimal technological level of performance which in turn would reduce the cost of business interruptions or loss arising from fraudulent activities. Drawing from the findings of the study, the adoption of appropriate technologies to curb fraudulent activities and sensitization of members in the industry on the dangers and repercussions of engaging in fraudulent activities was recommended. The study also recommended further research on other components of fraud management in the insurance industry in Kenya such as government regulations and/or policy as well as the economic environment on insurance performance.
Description
Masters Thesis
Keywords
Technology, Fraud Management, Insurance Industry, Kenya, Insurance Companies
Citation
Otieno, C. V,. (2023, Thesis). Strategic Role Of Technology In Fraud Management In The Insurance Industry In Kenya: A Case Of Selected Insurance Companies. School of Business and Economics, Daystar University