Commissioner for Insurance, Mr. Fola Daniel has said that the Nigerian Insurance Industry Database, NIID, would protect Nigerian government, individuals and corporations from the dangerous activities of fraudsters racketeering fake insurance certificates.
According to Daniel, the NIID is of great benefit to all stakeholders in the insurance industry. These include but not limited to the various government at all levels, policyholders, shareholders of insurance firms and would be investors.
Highlighting other benefits of the database, Daniel said the database is an instrument that would become very handy in the control of, or fight towards the eradication of fake insurances in Nigeria.
He said "It is expected to facilitate easy collation and dissemination of statistical information relating to all classes of insurance in Nigerian and also serve as a platform for easy identification of genuine insurances by security agencies and other relevant authorities."
Daniel also noted that the NIID is coming on the heels of continued effort by the National Insurance Commission, NAICOM, to rid the nation of fake insurers and insurances in furtherance with its Market Development and Restructuring Initiative, MDRI.
"Eradication of fake insurances and the sanitisation of the insurance industry is one of the cardinal objectives of the MDRI. We are of the belief that the launching of the NIID will go a long way in assisting the commission in this campaign," he said.
Meanwhile, Assistant Corps Marshal, Federal Road Safety Commission (FRSC) Mr. Ademola Lawal said that the FRSC would support the industry in all possible ways to ensure that the database achieves the purposes for which it was designed and set up and make it the envy of other sectors.
According to him, before now the commission has wondered when it would be possible to get a database of all insurance companies in the country, noting that with the launch of the NIID, this problem has been finally laid to rest.
He said "At some of our management meetings in Abuja, we have wondered when there will be a database for insurance companies in the country. We have our own database and now that the insurance industry has a database, it will be easy for us to harmonise them."
"We are endorsing this database and we will do everything in our powers to ensure that the database of NIA becomes an envy of all other industries," Lawal promised.
Chairman of NIA, Mr. Olusola Ladipo-Ajayi stated his conviction that the database, which he described as a milestone by the industry would help to eradicate fake insurance.
He noted that fake insurance is worse than fake drug, reasoning that fake drug affects only one person, which is the consumer while fake insurance affects both the consumer and other third parties who may be affected by the absence of genuine insurance protection in case of accidents.
It will be recalled that the NIID is expected to serve as a vehicle for easy identification of genuine insurance documents by relevant authorised persons, monitor insurance transactions documents and reduce incidences of fraudulent insurance transactions.