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Chuks Udo Okonta
The proliferation of fake motor insurance policies has continued to denied insurance industry and Nigeria huge revenue as only about 3 million of the 12 million vehicles in the the road have genuine policies.
To solve the menace of fake motor insurance policies, the following should be adopted.
* NIID enhancement
The Nigerian Insurance Industry Database (NIID) should be enhanced beyond just accommodating uploaded motor policies to interacting with policyholders when their policies are uploaded, driving and safety tips and prompting them when the policies are about to expire.
Performing these duties through the NIID would enable policyholders know if their policies are genuine of fake as fake policies can’t generate such interactions.
* After sales service by insurers
Most insurance firms don’t take advantage of the data obtained from motor policyholders to drive their operations.
Insurers should aside, what the improved NIID does, should leverage the data from motorist to conduct after services.
They can obtain other information like date of birth from motorist to celebrate with them on their special days and also offer safety tips on driving and maintaining the vehicles.
* Continuous education
The after sales service should be leverage to educate motorists. It is unfortunate to note that most motorists don’t understand how to check the genuineness of their policies.
* Partnership with state governments
The insurance industry should establishment a robust relationship with state governments to ensure only genuine policies are sold at motor licensing offices.
* Improvement on digital sale of policies.
More insurance companies should embrace and enhance the sales of motor insurance policies through their digital channels.
* Celebration of claims.
Motor insurance claims settled by underwriters should be celebrated to enable other motorists go for genuine policies in anticipation of claims when accident happens.
The ever growing racketeering of motor insurance policies can be curb if the insurance operators innovate to defeat the racketeers.
