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An Assessment of the Impact of Innovation on Insurance Fraud Management in Zimbabwe

Author

Listed:
  • Maryliene Chipo Mujakachi, MBA

    (National University of Science and Technology; Corner Gwanda Road and Cecil Avenue; Bulawayo; Zimbabwe)

  • Dr Fainos Chinjova Ph.D

    (National University of Science and Technology; Corner Gwanda Road and Cecil Avenue; Bulawayo; Zimbabwe)

Abstract

This study sought to assess the impact of innovation on insurance fraud management in Zimbabwe. The study used a pragmatic philosophy because the explanatory variables chosen by the researchers are best explained using the strengths of both qualitative and quantitative approaches with the use of statistical inferences. The population of this study consisted of all the employees of insurance companies in Zimbabwe and the population size was estimated to be around 3000. The sampling method used in this study was purposive sampling since the researchers used subjective judgment drawn from practice to come up with a sample size of 180. The sample size was considered enough to make inferences about the population. The study found out that block chain creates interlinked and independent information, its information is true, it validates transactions and the information stored in it is irreversible. Moreover, it was found out that the adoption of artificial intelligence was going to be a critical move towards the reduction of the rate of over exaggerated claims. The study also found out that insurance companies’ mobile application would be highly effective because mobile technologies ensure that customers have factual and reliable information, they ensure an effective collection of customer data, they are helpful in educating customers about insurance fraud and they notify clients of their deadline. The study recommends that insurance companies take a leading role in educating its clients about insurance fraud and its implications. Moreover, insurance companies should train and develop their employees on fraud management and deploy a variety of technologies to reduce the incidence of fraud

Suggested Citation

  • Maryliene Chipo Mujakachi, MBA & Dr Fainos Chinjova Ph.D, 2021. "An Assessment of the Impact of Innovation on Insurance Fraud Management in Zimbabwe," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 5(2), pages 458-469, February.
    • Handle: RePEc:bcp:journl:v:5:y:2021:i:2:p:458-469
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    References listed on IDEAS

    as
    1. Dionne, Georges & Gagne, Robert, 2002. "Replacement Cost Endorsement and Opportunistic Fraud in Automobile Insurance," Journal of Risk and Uncertainty, Springer, vol. 24(3), pages 213-230, May.
    2. Crocker, Keith J & Tennyson, Sharon, 2002. "Insurance Fraud and Optimal Claims Settlement Strategies," Journal of Law and Economics, University of Chicago Press, vol. 45(2), pages 469-507, October.
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