The management of CRC Credit Bureau has expressed interest in partnering with the National Insurance Commission (NAICOM) to integrate insurance sector data into national credit reporting systems.
CRC Credit’s Managing Director/CEO Dr. Tunde Popoola who led his team on a visit to the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin made the disclosure at the Commission’s Head Office in Abuja.
During the strategic meeting with NAICOM, Popoola said the partnership would involve driving digital adoption, reducing fraud, and enhancing underwriting and claims management in Nigeria’s insurance industry.
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.
According to NAICOM, integrating insurance data can boost the sector in several ways that include: 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.
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