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Chuks Udo Okonta
The Insurance Industry in a bid to curtail incidences of fraudulent insurances, is considering the utilisation of Bank Verification Number (BVN) validation service for validating identity of prospective clients and beneficiaries of claims, Inspenonline can report.
The Director-Genral, Nigerian Insurers Association (NIA) Mrs Yetunde Ilori, stated this in a report, adding that the initiative will be linked with the Nigerian Insurance Industry Database (NIID).
She noted 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.
Ilori said the NIID has proved to be a major breakthrough in the operations of insurance in Nigeria, and has become a good case study for some African markets.
The Industry generated N153.10 million from data uploads on the NIID in 2017.
The NIA said this in its 2017 financial statements, adding that 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.