Distrust clogs KYC policy on motor insurance

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Chuks Udo Okonta

Distrust amongst insurance companies, brokers and agents is clogging Know-Your- Customer (KYC) policy on underwriting of motor insurance, Inspenonline can report.

Investigation has revealed that most insurance brokers and agents are reluctant to give vital details such as phone number and email addresses of their clients – motorists to insurers due to fear of losing them at renewal period.

Insurers interviewed by this medium said the challenge is responsible for their inability to remind motor policyholders of renewal and regular interactions on insurance education.

They said the issue which is common on third party motor insurance business, keeps them off from the policyholders, stating that most brokers and agents do fill in their phone and email addresses as against those of policyholders.

They appealed to brokers and agents engaging in such practices to stop, stating they as risk bearers according to the law should have access to people they insure.

A top agent, who spoke to this medium about the matter said the issue would be looked into by the umbrella body of agents- Association of Registered Insurance Agents of Nigeria (ARIAN).

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