• Thursday, May 30, 2024
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BusinessDay

Industry makes progress in motor data model, targets marine year-end

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With a successful upload of over one million five hundred vehicles in the Nigerian Insurance Industry Database (NIID), and subsequent deployment of monitoring handsets in Ogun State, and plans for Lagos and Abuja environs underway, the industry is positive that marine model will come before the end of the year.

This development which is already closing the doors on fake insurance certificate, boosting insurance industry revenue and also giving better protection to the insured and third parties is believed would addresses similar challenges in maritime and cargo insurance business.

Sunday Thomas, director general, Nigerian Insurers’ Association who disclosed the success level achieved since the launch of the NIID June last year, said the Data Centre for the infrastructure base will be completed before the end of this week. “We are monitoring developments on month to month basis to ensure its working out fine and the insured find convenience in the system.”

According to him, the time spent to fully install the motor model will be far less than what it will take to deploy other models, so he expressed optimism that the marine will come before the end of the year.

The industry’s database project which was conceived in 2010, to help develop robust information on insured vehicles, was launch on June 26, 2012. The NIA at the launch promised to deploy over 500,000 electronic card readers to security agencies to verify genuine vehicle insurance licences.

The project, according to NIA would eradicate fake insurances and minimise instances of fraudulent claims provide real time information that would address issues raised by all stakeholders: insuring public, market players, law enforcement agents and regulators. Serve as source of historical data for analysis and benchmarking, thereby providing qualitative analysis of industry performance.

It is believed that the initiative will enhance transparency and accountability among its stakeholders thereby restoring confidence in the insuring public and creating the basis for scientific management of operations in the industry and it will enable the tracking of transactions in the industry.