General insurance companies under the Insurance Association of Malawi (IAM) have unveiled an automated motor vehicle insurance system linked to the Malawi Traffic Information System.
The digital system, which has been in use since October this year, will enable clients to insure their automobiles online and further ensure efficiency.
It will see the phasing out of the manual pre-printed certificates by December 31 2024 which is being replaced by a QR code scanning facility.
Addressing journalists in Blantyre on Thursday, IAM Innovation Committee Chairperson Donbell Mandala said this technology will allow clients to pay for their vehicle insurance anytime, anywhere without incurring any cost
“People will be paying and getting their certificates online and later printing them on their own time using ordinary A4 paper size,” Mandala said
This shift to digital certification also aims to save time and foreign exchange previously spent on importing papers and travelling cost to insurance offices, hence making Malawi a digital economy
Mandala highlighted the significant cost reduction, mentioning a previous expenditure of almost $100,000 on ordering paper from abroad
“Our providers are working hard to ensure that they protect the system from hackers” Mandala said
The digital motor insurance system started running in the country in October this year.
IAM executive committee member Wales Major said, by law, motorists will still be required to display insurance certificates which will have a QR code for details.
He said all general insurance companies will use one system for insurance certification.
“This means that there will be one database for keeping all motor insurance certificate records. Implementation of legislation on motor insurance will be easier in the future,” he said.
