The Nigerian Insurers Association (NIA) recorded N153.10 million from data uploads in the Nigerian Insurance Industry Database (NIID) last year, its Director-General, The Nigerian Insurers Association has said.
Ilori stated that interest accrued on the NIID accounts was N3.06 million, while disbursement stood at N102.07 million; transfer to the association’s account, N43.40 million, while the balance at the end of the year was N79.97 million. She said the implementation of the NIID had transformed the motor insurance policy landscape, stressing that the NIID has become a household name among stakeholders across the federation.
She noted that the association had continued to receive requests for integration from state government agencies seeking to sanitize their states’ motor administration.
She said following the reduction in the level of secondary enforcement by government agencies in some major states, policyholders make demand of their insurers for instant uploads, stressing that to give more power to policyholders in verifying and ensuring the genuineness of their policy, the association has introduced a USSD code *565*11#.
The DG said the claims module of the NIID platform had been strengthened to flag and report suspected cases of multiple insurance or claims and that these had led to early detection of cases of fraudulent claims.
She noted that the NIID has proved to be a breakthrough in insurance business, adding that it has become a case study for some African markets.