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Chuks Udo Okonta
Proceeds from data uploads on the Nigerian Insurance Industry Database stood at N153.10 million in 2017, the Nigerian Insurers Association (NIA) has said.
The association in its 2017 financial statements, said interest accrued on the NIID accounts was N3.06 million; disbursement during the year, N102.07 million; transfer to the association’s account, N43.40 million, while the balance at the end of the year stood at N79.97 million.
The Director-General of the association, Mrs Yetunde Ilori, said the implementation of the NIID has transformed the motor insurance policy landscape of Nigerian insurance industry, stressing that the NIID has become a household name among stakeholders across the federation.
She noted that the association has continued to receive requests for integration from state government agencies seeking to sanitise their states’ motor administration process.
She maintained that notwithstanding, the reduction in level of secondary enforcement by government agencies in some major states, policyholders make demand of their insurers for instant uploads, stressing that to give more power to policyholders in verifying and ensuring the genuineness of their policy, the association has implemented a USSD code *565*11# which is already running.
Mrs Ilori posited that the claims module of the NIID platform has been strengthened to flag and report suspected cases of multiple insurance/claims and these had led to early detection of cases of probable fraudulent claims.
She noted that the NIID has proved to be a major breakthrough in the operations of insurance business in Nigeria, and has become a good case study for some African markets.