Yemisi Izuora
The National Insurance Commission (NAICOM) and the CRC Credit Bureau, are working on a partnership plan to integrate insurance sector data into national credit reporting systems, driving digital adoption, reducing fraud, and enhancing underwriting and claims management in Nigeria’s insurance industry.
The partnership plan was discussed when management of CRC Credit Bureau paid a courtesy visit to the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, at the Commission’s Head Office in Abuja.
During the strategic meeting with NAICOM, CRC Credit’s Managing Director/CEO Dr. Tunde Popoola expressed interest in partnering with the Commission for the integration plan.
The Commissioner for Insurance, Mr. Olusegun Ayo Omosehin in response expressed the Commission’s strong interest to collaborate with the CRC to leverage its data and analytics for regulatory oversight, KYC, fraud detection and industry capacity building.
Both parties agreed to pursue concrete steps including product demonstrations and analytics showcases; develop a proposal for an insurance-sector database and integration framework; deliver capacity-building/training sessions, a proposal for a dedicated insurance-sector database, and closer operational collaboration.
Integrating insurance data can boost the sector in several ways:
– More accurate underwriting and risk-based pricing
– Speedier, more accurate claims processing and fraud prevention
– Detecting and monitoring fraudulent activities, including multiple claims
– Enhanced KYC and customer verification leveraging CRC’s datasets
– Support for digital insurance products and financial inclusion through automated decisioning.