NAICOM, CRC advance data sharing to boost underwriting, fraud detection

The National Insurance Commission (NAICOM) and CRC Credit Bureau are advancing discussions on a strategic collaboration that could reshape underwriting, claims management, and fraud detection within Nigeria’s insurance sector through enhanced data integration.

Both Institutions reached the understanding when CRC Credit Bureau paid a courtesy visit to the National Insurance Commission’s office in Abuja.

Tunde Popoola, managing director/CEO of CRC Credit Bureau, revealed the firm’s readiness to collaborate with the insurance regulator to deploy data-driven solutions that could strengthen underwriting, improve claims management, and curb fraud across the sector.

According to Popoola, the integration of insurance data into national credit reporting systems would not only deepen digital adoption but also enhance transparency and operational efficiency within the industry.

Responding, Olusegun Ayo Omosehin, the commissioner for Insurance, welcomed the proposed collaboration, describing it as a critical step toward strengthening regulatory oversight and industry development.

He noted that leveraging CRC’s data and analytics capabilities would significantly improve Know-Your-Customer (KYC) processes, fraud detection mechanisms, and capacity-building initiatives for insurance operators.

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Both organisations have agreed to commence practical steps toward actualising the partnership. These include conducting product demonstrations and analytics showcases, developing a comprehensive proposal for an insurance-sector database and integration framework, and organising specialised training programmes for industry stakeholders.

The collaboration is also expected to foster closer operational synergy between the regulator and data service providers.

Industry analysts believe that integrating insurance data into credit reporting infrastructure could address longstanding challenges in the sector.

Improved data sharing is expected to enable insurers to deploy more accurate underwriting models and implement risk-based pricing structures, ultimately leading to fairer premium determination.

Additionally, enhanced data analytics could significantly reduce claims processing timelines while strengthening fraud detection capabilities, particularly in identifying multiple or suspicious claims across insurers.

The integration is also projected to bolster customer verification processes and accelerate the development of digital insurance products, thereby promoting financial inclusion and expanding insurance penetration across Nigeria.

If successfully implemented, the initiative could mark a major milestone in modernising Nigeria’s insurance ecosystem and aligning it with global best practices in data-driven risk management and regulatory supervision.