The Management of the CRC Credit Bureau has sought partnership with the National Insurance Commission (NAICOM) to integrate insurance sector data into national credit reporting systems.
According to CRC, the partnership would also drive digital adoption, reduce fraud, and enhance underwriting and claims management in Nigeria’s insurance industry.
This commitment was reinforced on Monday when the management of CRC Credit Bureau, led by its Managing Director/CEO Dr. Tunde Popoola, paid a courtesy visit to the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, at the Commission’s Head Office in Abuja.
NAICOM, in a statement said during the strategic meeting, 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 and Support for digital insurance products and financial inclusion through automated decisioning.
