The pervasiveness of insurance fraud in Nigeria is driving up costs for all consumers and costs the insurance industry about N50billion each year.
The managing director of Venia Group, Mr Kola Oyeniyi, made this disclosure in Lagos during the launching of a new insurance product that would deepen insurance penetration in the country and cut off insurance fraudsters.
“The reason for launching the product is that the penetration of internet is high now, at least about 85million Nigeria are online.
“Also, our plan is to clamp down fake insurance providers because insurance companies lose about N50 billion yearly to fake insurance guys.
“It is the first insurance platform in Nigeria where people can have power of insurance in their own hand without a third party. They will do everything under five minutes including the printing of certificate.”
Unveiling the product, Oyeniyi stressed that an individual could use the device to insure his car, without involving a third party.
“About 85million Nigerians are online now, this prompted us to introduce the product for easy access,” he added.
In his speech, the head, Lagos Control Office, National Insurance Commission (NAICOM), Farinu Olusegun, complained that insurance penetration was comparatively low in Nigeria and relatively untapped.
“We are pleased to note that NAICOM has begun the process of fine tuning some of its supervisory policy frameworks aimed among others to increase insurance penetration through principal- based supervision. That, when completed, will open up more distributions channels and other intermediation services for the purpose of insurance market growth.
“We believe that this partnership between Hightower Insurance Brokers Limited and AutoGenius which culminated in the development of this product could be one amongst other efforts aimed at deepening insurance penetration through ICT online, real time and mobile solution,” he noted.
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