IPEC to roll out electronic supervision system
SAMANTHA MADE
The Insurance and Pensions Commission (IPEC) is developing an electronic supervision system aimed at strengthening regulatory oversight in Zimbabwe’s insurance and pensions industry.
Confirming the development, Cuthbert Munjoma, IPEC’s Director of Pensions and Insurance, said the system will enhance data integrity, streamline processes, and facilitate continuous surveillance.
“We are coming up with an electronic supervising system. This is a sub-tech that will facilitate continuous surveillance and supervision of the industry,” Munjoma said.
He explained that the platform will enable real-time monitoring of industry activities, including premiums and submissions, while helping to detect potential risks early. “We can actually monitor what premiums are being paid today,” he said.
According to Munjoma, the initiative is designed to eliminate inefficiencies in the current framework.
“It will eliminate a lot of manual processes, submission of reports, submission of data, and a lot of information,” he said.
However, he pointed out challenges with fragmented systems and national pension data rights. “We acknowledge as a sector that data is a serious problem. We have systems in place that are highly fragmented,” he said, noting that 70% of systems are imported from South Africa, draining resources through personal insurance fees and acquisition costs.
To address this, IPEC has recommended shared infrastructure across pension funds and administrators. At the same time, Munjoma underscored the importance of digital innovation. “We’ve come up with a regulatory sandbox for insurers and pension funds to develop guidelines and test innovative solutions in a controlled environment,” he said. “This will allow us to support innovation while ensuring consumer protection.”
On building trust, Munjoma stressed the need for accountability and collective responsibility. “It’s not about placing blame, but about moving forward and taking responsibility,” he said. He urged collaborative efforts, highlighting the role of regulators as strategic partners in fostering resilience, future-proofing, and consumer confidence in the sector.
