Courteville has re-defined vehicle insurance business in Nigeria –MD
Courteville Business Solutions Plc pioneered the use of innovative technologies to dismantle the bottleneck surrounding motor vehicle insurance and registration in Nigeria through the AutoReg innovation. The Managing Director of the company, Mr Adebola Akindele, tells MESHACK IDEHEN, in this interview that Nigeria will start exporting technology and business solutions in the nearest future.
What has Courteville Business Solutions Plc been up to since its innovative solutions in the area of motor vehicle registration via the AutoReg?
The company is doing very well even as we aim to try to diversify our portfolios with less attention on government projects and more attention and focus in the private sector. Amongst other portfolios, the company also operates an online gateway to commerce called “Egole”, which is a web based portal that allows various merchants of different categories, service providers and consumers to transact business (buying and selling) online, real-time.
The company developed and deployed this robust, flexible and secure platform as a one stop business community in cyberspace, which affords everyone the opportunity to buy and sell goods and services globally via the internet. It is indeed a well thought through platform that guarantees both the merchants and consumers convenience in usage and security.
All online transactions on the platform are highly secured with international standard and best practices. The platform is fully supported by our vastly experienced and seasoned professional team.
What is the relationship between Courteville Business Solutions Plc and the Nigeria Insurers Association (NIA), and what is the relationship meant to achieve in the immediate and longer term?
The company recently deployed the Nigerian Insurance Industry Database (NIID) solution which is an initiative of the Nigerian Insurers Association (NIA) to create a central insurance database wherein details of all vehicle insurance policies issued by insurance companies are updated. This is to create an authentic and verifiable database of motor vehicle insurance in Nigeria.
The NIID solution is designed to help Insurers and the NIA monitor and authenticate all insurance policies issued in Nigeria toward reducing the incidence of fraudulent transactions and the loss of business by the insurance companies.
The motor vehicle insurance policy module is the first part of the project that has commenced, while other insurance cover types are expected to commence soon.
It is clear therefore from all indications within the next few months that any motor vehicle with an insurance policy that the information is not stored on the NIID platform and cannot be verified by law enforcement officers will be running foul of the law.
How does the AutoReg operate, and what value would you say the innovation has brought to bear in the registration, insuring and documentation of vehicles in Nigeria?
It is a web-based business solution for motor vehicle documentation developed and patented for 20 years by our company to address the inefficiencies of motor vehicle administration system.
It is the first of its kind anywhere in the world. The innovation is now in operation in more than 22 states in the country is currently deployed in over 5,000 processing points.
The innovation has created the best online, real-time records, for government and its agencies thereby eliminating cases of duplicated registration of motor vehicle number plates.
We have also created the largest and most authentic database of motor vehicles and motor vehicle owners in sub-Sahara Africa consisting of over 9million records.
The AutoReg solution now cover all other motor vehicle documentation service such as Roadworthiness certification, Hackney Permit and in fact third party insurance issuance, while revenue from motor vehicle administration activities have increased by over 250% within the first 2 months and revenue continues to increase in states where we are operational. We have provided the Federal Road Safety Commission (FRSC) and other law enforcement agencies with handheld devices, which they currently use for the verification of motor vehicle documentation and driver’s Licenses from anywhere on Nigerian roads.
This service is to be provided in Sierra Leone. We currently collaborate and provide invaluable assistance to insurance companies and law enforcement agencies such as the Nigeria Police Force, National Drug Law Enforcement Agency (NDLEA), Economic & Financial Crime Commission (EFCC) and the State Security Service, in the investigation and tracking of criminal suspects.
What about the Auto Insure innovation?
Courteville Business Solutions Plc has developed a marketing platform for all insurance houses to sell genuine insurance policies. The Auto Insure policy pays more claim than other third party policies and most of the insurance companies in the country are already partnering with Courteville Business Solutions Plc on this product.
It has to be clear however that Auto Insure is not an insurance policy; it is a marketing platform created for insurance companies to market their insurance policies and programmes. What we came up with is a system that will also automate the process of issuing motor vehicle insurance like the process of issuing motor vehicle licence.
The government is aware that there is a policy in place for every vehicle. In different states, they have their own appointed insurance scheme and not necessarily Auto Insure scheme. So, in Auto Insure, we don’t have a licence as an insurance company but what we have is a platform for insurance companies to come and sell their insurance policies.
What is your opinion on the performance of the National Insurance Commission and the NIA?
NAICOM and NIA have done extremely well, and it is my belief that both organisations will successfully take the NIID to the desired level. With the development that NAICOM, the NIA and private sector players like Courteville Business Solutions has brought to bear in the industry, it surely makes no sense for anyone to patronise touts as far as vehicle insurance and registration are concerned. The development in the sector must be sustained using the NIID, as it is crucial that all vehicles have valid vehicle insurance.
Indeed, the NID Director General, Mr. Sunday Thomas must be commended for doing a wonderful job.
What is the latest with the African expansion plans of your company?
The AutoReg, for example, is now functional in the Caribbean and other African countries, including Sierra Leone, Gambia and Ghana. This is in pursuit of the company’s dynamic growth strategy, as Nigeria would soon become a major exporter of technology and business solution around the world.