Insurance

Insurers uncover fraudulent claims through intercompany relationships

From left: Chairman, Nigerian Insurers Association, Eddie Efekoha and Director-General, Mrs Yetunde Ilori at the event.

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Chuks Udo Okonta

Insurance companies have uncovered fraudulent claims through market cohesion and improved intercompany relationship, the Chairman, Nigerian Insurers Association (NIA), Eddie Efekoha, has said.

He disclosed this at a press conference in Lagos, adding that in recent times, there has been improved relationships amongst insurance operators.

“It is equally important to inform you that we are witnessing more market cohesion and improved intercompany relationship. Companies now share information on new businesses and claims. This has resulted in the discovery of fraudulent claims in the market especially in the area of motor insurance.

“The Association appreciates members for this improved relationship and urges greater collaboration in the market,” he said.

He said the association has continued to be in the forefront of capacity development for employees of member companies, stressing that the association played host to a team from the Institute and Faculty of Actuaries, UK (IFoA), led by its President, Ms. Majorie Ngwenya, where the issue of dearth of actuaries in the market was extensively discussed.

He noted that the IFoA team has assured the association of its continued support in that regard through regular training programmes and other collaborative initiatives.

“To underscore the high regard which the institute has for Nigerian market, Lagos will play host to the inaugural IFoA Africa Conference on April 27, 2018,” he said.

Efekoha posited that the NIA is partnering College of Insurance and Financial Management and International Labour Organisation (ILO) to train insurance professionals in the area of Micro insurance, market research and product development, adding that the association is optimistic that these initiatives will translate to better underwriting practices and improved bottom line for members.

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