The Nigerian Insurance Industry Database (NIID) solution is an extension of the AutoRegTM business tool which was designed to create a Central Insurance Database where details of all insurance policies issued by Insurance Companies registered on the platform are updated. The aim of this process is to create an authentic and verifiable database of all insurance policies issued in Nigeria. The solution is expected to enhance the objectives of the Nigerian Insurer’s Association (NIA).
The automation of this process was contracted to Courteville by NIA to design, develop and manage the solution and it is currently deployed via our Web-based data capture platform (www.niid.org), which allows all the Nigerian Insurance companies to instantly upload from their respective offices, the details of all insurance policies issued through any of the upload methods available.
Since the deployment of the solution, NIA has been able to achieve the following:
- Develop the capacity to monitor and authenticate underwriting transactions within the Insurance Industry.
- Reduce the incidence of fraudulent insurance transactions and policy certificates most especially for Motor Vehicle and Marine Insurance.
- Reduce red tape and corruption by integrating this capacity in the vehicle registration system of the Federal Road Safety Commission (FRSC), the Nigeria Police, and other relevant stakeholder agencies.
- Create an authentic database of over 2million records (and growing) of insurance policies with details of insured assets, insurer, insured, assets value, premium paid, records of claims, etc.
- Ensure easy access to statistical data to support analysis and policy based decision-making as well as macro-economic planning and research.
For more information please visit our dedicated website via www.niid.org