The National Insurance commission (NAICOM), has entered into partnership with CRC Credit Bureau Management to integrate insurance data and strengthen risk management in Nigeria.
Both organisations agreed on the partnership during a courtesy visit by the management of CRC Credit Bureau to the commissioner for insurance, Mr Olusegun Ayo Omosehin in his office in Abuja.
Managing Director/CEO CRC Credit Bureau, Dr. Tunde Popoola, expressed interest in partnering with the Commission to integrate insurance sector data into national credit reporting systems, driving digital adoption, reducing fraud, and enhancing underwriting and claims management in Nigeria's insurance industry.
Omosehin, in response expressed the commission's strong interest to collaborate with the CRC to leverage its data and analytics for regulatory oversight, 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.
He said integrating insurance data could boost the sector in several ways such as more accurate underwriting and risk-based pricing, speedier, more accurate claims processing and fraud prevention.
