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Chuks Udo Okonta
The insurance industry is about to give a technical knock out to policy documents counterfeiters as plans are on top gear for all motor covers to be sold digitally through a platform to be hosted on Nigerian Insurance Industry Portal (NIIP).
The Director-General, Nigerian Insurers Association (NIA) Mrs. Yetunde Ilori, disclosed this at the 2023 Chartered Insurance Institute of Nigeria – Offices Representatives Committee (CIIN-ORC) Workshop, yesterday in Lagos, stressing that all insurance companies selling motor policies have to sell electronically through the platform, a development that would weed out paper documents that promotes the vices of counterfeiters.
She submitted that the industry had engaged all the 36 governor’s through their platform – Governor’s Forum and that the deployment would be done across the nation.
She noted that presently the industry had entered into partnership with three states, while awaiting to onboard the other states.
She expressed worries over the huge fund the industry looses annually to menace of counterfeiting of insurance policies, adding that such menace has to stop now.
On insurers selling policies below statutory approved rates, she maintained that the new initiative would halt their operations as all policies sold would be monitored electronically from the portal.
Recall that the Chairman of NIA Olusegun Omosehin, had at an event recently said the insurance industry is working assiduously to block premium leakages through deployments of electronic covers.
Omosehin, who disclosed this at the 2023 Insurance Meets Tech conference themed: ‘Unlocking Policy and Tech Bottleneck Hindering Disruptive Insurance Penetration’ in Lagos, noted that the industry is working with state governments to entrench electronic third party motor insurance policies.
He noted that the deployment of e-covers and other measures taken by the operators would shoot insurance gross premium to N1 trillion, which has been an age-long target for the industry.
He submitted that insurance companies are leveraging digital and technology innovation to increase insurance penetration and premium income
The industry, he said, has progressed a lot in the area of technological adoption, while believing that tech and digitalisation will steer the insurance industry to meet its expectations, even as he promised that operators will continue to partner tech companies in a collaboration that will yield positive result.
He stressed that the industry is leveraging technology on adoption of third party motor insurance and has partnered several states including Lagos State to enhance insurance adoption, especially, from motorists in the country.
According to him, “We, as insurance operators, believe technology and digital resolution will enhance insurance operations, deepen penetration and acceptance in the country. To this end, we have collaborated with some state governments, including Lagos State to enhance third party motor insurance adoption.”
He is optimistic that technology is a leveler, a platform that will give insurance industry the needed breakthrough and that insurance operators are open to its adoption.