By Bassey Udo
The CRC Credit Bureau is to partner with the National Insurance Commission (NAICOM) to integrate insurance sector data into national credit reporting systems to curb fraud, and enhance risk management in the country.
The Managing Director/CEO of CRC Credit Bureau, Dr. Tunde Popoola, disclosed this when he visited the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, in Abuja on Monday.
In a strategic meeting during the visit, Dr. Popoola said working in partnership with NAICOM would drive digital adoption and enhance underwriting and claims management in Nigeria’s insurance industry.
In response, the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, expressed the Commission’s strong interest to collaborate with the CRC to leverage its data and analytics for regulatory oversight on Know your customer (KYC), fraud detection and industry capacity building.
At the end of the meeting, 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, Omosehin said, can boost the sector’s capacity in several ways, including more accurate underwriting and risk-based pricing and speedier, more accurate claims processing and fraud prevention.
Besides, the arrangement would help detect and monitor fraudulent activities, including multiple claims; enhance KYC and customer verification leveraging CRC’s datasets, and support for digital insurance products and financial inclusion through automated decisioning.
