The National Insurance Commission (NAICOM) has said its new portal established to digitalise the operations of the sector and enhance insurance penetration will also check the issues of fake insurances and claims management.
The Deputy Director, Information Technology, NAICOM, Abiodun Aribike, said this while presenting a paper on ‘Digital Transformation of NAICOM’s Processes and Procedures’ recently in Uyo.
According to Aribike, the digital platform will fundamentally capture all insurance policies issued in Nigeria as well as increase productivity and revenue for the industry.
He added that the platform would equally generate a unique policy identification number for all issued policies necessary to ensure fidelity and validity of all policies in the country and also obtain and manage information on all insurance policies, and premiums sold by insurers, brokers and agents.
Aribike said the platform would also, “provide information on policies to members of the public and offer management information to NAICOM regarding summary and/or details of all policies by company, broker, and agents.
“Ensure proper accountability of all premium returns by insurance companies, captures all businesses done by every broker through the underwriter, ensures proper accountability of all insurance levies received from brokers.
“Provide easy access to data regarding policies issued, to support analysis and policy based decision making, provides a means for members of the public to validate the Insurance Policy issued by the appropriate insurance stakeholder and allow law enforcement personnel to verify any insurance instrument tendered to them in the course of performing their function.”
Speaking on insurance policy system, he noted the platform has been designed to capture all insurance policies issued in Nigeria with a unique identifier, stressing that it will generate a unique identifier for every policy issued by insurance companies and enable insurance customers and third party entities such as law enforcement agencies to query and validate their insurance policies.
“Most importantly, it provides NAICOM a platform for interconnecting all industry stakeholders to support real time aggregation of data on policies at the time of underwriting and policy issuance,” he said.
