The management of CRC Credit Bureau and the National Insurance Commission NAICOM has expressed interest in having a techie handshake that will culminate in the integration of insurance sector data into national reporting systems, driving digital adoption, reducing fraud, and enhancing underwriting and claims management in Nigeria’s insurance industry.
This played out during the strategic meeting of the CRC Credit’s Managing Director, Dr. Tunde Popoola and the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, at the Commission’s Head Office in Abuja.
The Commission expressed the strong interest to collaborate with the CRC to leverage its data and analytics for regulatory oversight, KYC, fraud detection and industry capacity building. Besides, 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
