The Nigerian Insurance Association (NIA) has launched a database project called the Nigerian Insurance Industry Database (NIID) that will facilitate easy verification of documents for insurance business in the country.
The private Guardian newspaper Wednesday quoted NIA chairman Olusola Ladipo-Ajayi as saying the scheme would ensure easy collation and dissemination of statistical and other information relating to insurance and faster verification of insurance certificates.
“Over the years, incidences of unsatisfactory response to settlement of claims by underwriters seem to have contributed to the poor perception of insurance as a financing option.
“Today, we want to shake off the yoke of the inglorious past and chart a new beginning for the insurance industry, anchored on the principles of trust and utmost good faith, the basic pillars of insurance practice,” he said.
Mr. Ladipo-Ajayi listed some of the benefits of the database system to include monitoring and authenticating insurance transaction documents, as well as reducing incidences of fraudulent insurance transactions and policies, most especially for motor and marine policies.
Others are reducing red tape and corruption by integrating with the vehicle registration system of the Federal Road Safety Commission, the Police and other relevant government agencies as well as ensuring easy access to statistical data for effective decision making.
The NIA boss said after a comprehensive review of the situation, the association came up and established a Customer Complaints Bureau intended to provide the needed platform for intervention in cases of dispute leading to delay or non-settlement of claims.