MOTOR THIRD PARTY.
The Insurance Regulatory Authority (IRA) working with the Uganda Revenue Authority (URA) and other stake holders such as the Ministry of works and Transport developed the motor third party insurance platform to streamline the operations of Motor Third party Insurance stickers in the country.
- Direct settlements of funds to collection Bank account.
- More revenue collection.(Enforcers to curb tax avoidance).
- · Improved Claims process and Reduced Fraud case: There is a general outcry in the populace about Insurance companies not being able to compensate them yet they have consumed Motor Third Party Insurance. This is largely attributed to a huge fraud and forgeries network in the Motor Third Party space, which leaves a lot of unsuspecting consumers conned because the insurance companies are unable to compensate them in cases of forgeries. This project will go a long way in addressing this challenge.
- · Traceability in the consumption of Motor Third Party Insurance: Owing to the Centralization of the consumption process and data, it will be easy to trace payments done for this service. This will go a long way in protecting the public, which in most cases may not even keep the records of payments once they get displaced or lose them.
- Linkage Benefits to Government: The collaboration of the various government agencies involved in the Motor Industry will bring about some benefits to government which will range from an improved regulatory framework, improvement of road safety, easier enforcement mechanisms and growth in government revenue.
- Real time payment gateway.
- Real time invoicing and reporting.
- Access to a management information system.
Motor third tax payers.