Risk Management : ‎CRC Credit Bureau Seeks Partnership With NAICOM

CRC Credit Bureau has initiated discussions with the National Insurance Commission, NAICOM, on a potential partnership aimed at integrating insurance sector data into Nigeria’s national credit reporting systems to strengthen risk management, reduce fraud and drive digital transformation in the industry.
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‎The move was disclosed during a courtesy visit by the management of CRC Credit Bureau to the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, at NAICOM’s head office in Abuja. The meeting focused on how data sharing and advanced analytics could improve regulatory oversight and operational efficiency within the insurance sector.
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‎Speaking during the engagement, the Managing Director and Chief Executive Officer of CRC Credit Bureau, Dr. Tunde Popoola, expressed the bureau’s interest in collaborating with NAICOM to leverage insurance data for more accurate underwriting, enhanced claims management and fraud prevention.

He noted that integrating insurance information into credit reporting infrastructure would support digital adoption, enable better risk based pricing and strengthen confidence in the insurance ecosystem.

Dr. Popoola explained that access to comprehensive insurance data would also improve customer verification and support the development of innovative digital insurance products, ultimately advancing financial inclusion through automated and data driven decision making.
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‎In his response, the Commissioner for Insurance, Mr. Omosehin, welcomed the proposal and affirmed NAICOM’s willingness to collaborate with CRC Credit Bureau. He said the Commission sees significant value in using data and analytics to strengthen regulatory supervision, improve know Your Customer, KYC, processes, detect fraudulent activities and build capacity across the industry.
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‎Both organisations agreed to pursue concrete next steps, including product demonstrations and analytics showcases, the development of a proposal for a dedicated insurance sector database and integration framework and the delivery of capacity building and training programmes. They also committed to closer operational collaboration to ensure effective implementation of the proposed initiatives.
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‎Industry stakeholders believe that the integration of insurance data could lead to more accurate underwriting and risk based pricing, faster and more reliable claims processing, improved detection of multiple or fraudulent claims, enhanced customer verification and stronger support for digital insurance products in Nigeria.
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‎PR/Umbwanko Baba