The Insurance and Pension Commission (IPEC) says there has been an increase in insurance fraud which calls for proper tests on investors, directors and key personnel in the insurance industry.
The increase in insurance fraud emerged at the two day workshop in the capital which attracted stakeholders in the industry as well as financial auditors with a view to come up with ways of curbing fraud in the insurance sector.
IPEC commissioner, Tendai Karonga said there has been an increase which impact negatively on emerging companies adding all companies must improve their internal processes through minimising the use of manual systems.
Forensic auditor, Mr Proctor Nyemba said the workshop is meant to equip employees on how to detect insurance fraud considering that companies continue to lose millions of dollars due to illicit transactions.
The insurance sector has been constrained like any other sector in the economy and it is during these trying times that most employees engage in fraudulent activities.