NAICOM, CRC Credit Bureau Partner to Stop Insurance Fraud
By Patience Ikpeme
The National Insurance Commission (NAICOM) and CRC Credit Bureau have agreed to work together to use data and modern technology to transform the insurance industry in Nigeria.
This partnership aims to make it easier for insurance companies to verify customers, catch fraudsters, and pay out claims much faster.
The Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, shared the Commission’s plans on Monday during a visit from the management of CRC Credit Bureau to the NAICOM head office in Abuja. He explained that the Commission wants to use CRC’s database to improve how it monitors the industry, detect fake insurance activities, and help insurance workers learn new ways of using data.
In response, the Managing Director of CRC Credit Bureau, Dr. Tunde Popoola, said his organization is eager to bring insurance information into the national credit reporting system. He noted that this move will help the industry move toward digital operations, reduce the number of fraudulent claims, and help insurance companies better understand the risks they are taking on.
“CRC Credit Bureau is interested 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,” Dr. Popoola said.
Both leaders agreed to start taking practical steps immediately. These steps include showing how their technology works, building a special database just for the insurance sector, and training staff on how to use these new tools.
This new way of sharing data is expected to help ordinary Nigerians in many ways. For one, insurance companies will be able to set fairer prices for their services based on real facts. It will also help stop people from making multiple claims for the same accident, which currently costs the industry a lot of money.
The partnership will also make “Know Your Customer” (KYC) checks much easier for insurance firms, as they can quickly confirm who a person is using CRC’s existing records. By making the process more digital and automated, the move will also help more Nigerians gain access to insurance products that were previously difficult to get.
Mr. Omosehin concluded by stating that the Commission is ready to use these analytics for better regulatory oversight, ensuring that the insurance industry remains strong and trustworthy for all citizens.
