Insurance industry digital platform to expose claims defaulters

From left: Deputy Commissioner, Technical, NAICOM, Sabiu Bello Abubakar; Director, Research, Statistics and Publications, Alhaji Adamu Balanti and Head, Corporate Communications & Market Development, Rasaaq Salami at the event.

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Chuks Udo Okonta

The anticipated insurance industry digital platform anchored by the National Insurance Commission (NAICOM) will help monitor claims payment processes, Inspenonline can report.

The Deputy Director, Information Technology, NAICOM, Abiodun Aribike, said this in a paper entitled: Digital Transformation of NAICOM’s Processes and Procedures, presented at the just concluded 2020 NAICOM Seminar for Insurance Journalists, at Uyo, Akwa Ibom State, adding that the digital platform will essentially capture all insurance policies issued in Nigeria.

He posited that aside the aforementioned, the platform will generate a unique policy identification number for all issued policies necessary to ensure fidelity and validity of all policies in the country and also obtains and manages information on all insurance policies, and premiums sold by insurers, brokers and agents.

Aribike said the platform will, “provides information on policies to members of the public and provides 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.”

On Insurance Policy System, he posited that it is a digital platform that has been designed to capture all insurance policies issued in Nigeria with a unique identifier, stressing that the portal 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.

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