A new service to verify vehicle license status in real-time, just unveiled by VerifyMe Nigeria, is set to revolutionize vehicle insurance services in the country.
It is also extending the firms portfolio beyond digital ID verification, biometrics, and consumer analytics.
The new digital plate number verification service checks motor vehicle and ownership data instantly, the company says, to help customers in fintech, insurance, and other service industries onboard end-users with full regulatory compliance more easily. The service is offered as an API to compliment VerifyMe’s digital identity verification services.
The automatic number plate verification service is possible due to the digitization of services by Nigeria’s Federal Road Safety Corps (FRSC), the company says.
“We are enthusiastic about the possibilities Plate Number Verification service offers in opening new opportunities for the insurance sector,” comments VerifyMe Nigeria Co-founder and CEO Esigie Aguele. “This initiative, supported by the Federal Road Safety Corps (FRSC) will ensure trust in the system as the parties in a transaction can confirm the particulars of a vehicle real time and mitigate future issues and delays during claims.”
The API addresses a need for real-time, trusted data within Nigeria’s vehicle and asset verification market, with an estimated 77 percent of automobiles in the country uninsured. Insuring them represents a 50 billion Naira (US$120 million) growth opportunity, according to the announcement.