Chuks Udo Okonta
About 1.65 million vehicle insurance policies
have been uploaded to the industry's database, Inspen has learnt.
The Head, Nigerian Insurance Industry Database (NIID),
Mrs Bola Omole, disclosed this today Monday, at a seminar organised by the Nigerian
Insurers Association (NIA) for journalists in Ijebu-Ode, Ogun State.
She noted that though the uploaded policies is
far below what is expected, as there are 11.5 million vehicles in the country,
the NIID project which took-off in 2011 with 300,000 policies, has helped improved
the profitability of underwriters.
Omole said the collaboration the association
reached with security agencies, is really helping in the fight against fake
insurance policies which is the bane of the industry.
She said the 25 mobile gadgets, given to the Ogun
State Vehicle Inspection Officers (VIO), to verify motor insurance papers in
the state, have helped increased patronage in recent time.
She noted that the association is presently talking
with Kwara State, adding that deployment of mobile devices to verify genuine
policies in the state would commence.
Director-General NIA Sunday Thomas, said the
association is also discussing with the Lagos state government on deployment of
the devices.
He noted that with the success achieved from the
deployment of motor insurance data, the association; will kick-start the deployment
of marine insurance by the first quarter of next year, followed by property and
other classes of insurance.
NIA said it decided to start deployment of the
electronic devices with Abeokuta, because historically, insurance in the
country is traceable to the city, adding that the state also is one of the
states to first indicate interest in the project.
The industry’s database project which was
conceived in 2010, to help develop robust information on insured vehicles, was
launch on June 26, 2012. The NIA at the launch promised to deploy electronic
card readers to security agencies across the nation to verify genuine vehicle
insurance licenses.
The project according to NIA would eradicate fake
insurances and minimise instances of fraudulent claims provide real time
information that would address issues raised by all stakeholders: insuring
public, market players, law enforcement agents and regulators. Serve as source
of historical data for analysis and benchmarking, thereby providing qualitative
analysis of industry performance.
It is believed that the initiative will enhance
transparency and accountability to its stakeholders thereby restoring
confidence in the insuring public, creates the basis for scientific management
of operations in the industry and it will enable the tracking of transactions
in the industry.
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