NAICOM, CRC team up on insurance data
The National Insurance Commission (NAICOM) and CRC Credit Bureau have opened talks on a new partnership aimed at using data and technology to strengthen Nigeria’s insurance industry, improve regulation, and
The National Insurance Commission (NAICOM) and CRC Credit Bureau have opened talks on a new partnership aimed at using data and technology to strengthen Nigeria’s insurance industry, improve regulation, and reduce fraud.
The Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr. Olusegun Ayo Omosehin, said the Commission is interested in working with CRC Credit Bureau to make better use of its data and analytics for regulatory supervision, customer verification, fraud detection, and training within the insurance sector.
Omosehin spoke when the management of CRC Credit Bureau paid him a courtesy visit at NAICOM’s headquarters in Abuja.
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According to him, access to quality data will help the Commission carry out its duties more effectively while also supporting insurance companies to operate in a safer and more transparent environment.
“We are open to collaboration with CRC Credit Bureau to leverage data and analytics for regulatory oversight, Know Your Customer processes, fraud detection, and capacity building across the insurance industry,” Omosehin said.
In response, the Managing Director and Chief Executive Officer of CRC Credit Bureau, Dr. Tunde Popoola, said the company is eager to partner with NAICOM to integrate insurance sector data into Nigeria’s national credit reporting system.
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Popoola explained that bringing insurance data into the credit ecosystem would help drive digital adoption, reduce fraud, and improve how insurance companies assess risk, manage claims, and serve customers.
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“We see strong value in partnering with NAICOM to integrate insurance data into national credit reporting systems, which will support digital insurance, reduce fraud, and improve underwriting and claims management in the industry,” he said.
Both organisations agreed to take practical steps to move the partnership forward. These include product demonstrations and data analytics showcases, the development of a proposal for an insurance-sector database and integration framework, and the delivery of training programmes to build industry capacity. They also agreed to work more closely at the operational level.
The integration of insurance data into credit reporting systems is expected to bring several benefits to the sector. Industry players say it will lead to more accurate underwriting and risk-based pricing, faster and more reliable claims processing, and stronger fraud prevention by detecting issues such as multiple claims on the same incident.
It is also expected to improve customer verification through enhanced KYC processes using CRC’s data, while supporting digital insurance products and financial inclusion through automated decision-making.
Observers believe that the collaboration between NAICOM and CRC Credit Bureau could mark a major step toward a more data-driven, transparent, and digitally enabled insurance industry in Nigeria, with positive effects for insurers, regulators, and policyholders alike.
