Management of CRC Credit Bureau has expressed readiness to partner with National Insurance Commission (NAICOM) to foster better ways of improving the services being provided by the insurance industry in Nigeria.
The partnership deal was proposed by CPC Credit Bureau when it’s executive management paid a courtesy visit on the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, at the Commission’s Head Office in Abuja on Monday.
During the strategic meeting with NAICOM, CRC Credit’s Managing Director/CEO 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 the insurance industry.
The Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, in his response expressed the Commission’s interest in collaborating with the CRC as 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, such as enduring more accurate underwriting and risk-based pricing, faster, more accurate claims processing and fraud prevention, detecting and monitoring fraudulent activities, including multiple claims, enhanced KYC and customer verification leveraging CRC’s datasets as well as support for digital insurance products and financial inclusion through automated decisioning.
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