Nigeria’s insurance regulator is exploring strategic partnership with a credit reference bureau to integrate insurance data and strengthen risk management in the country’s insurance market.
National Insurance Commission (NAICOM) said it is in discussion with CRC Credit Bureau over this partnership. At a meeting in Abuja, Tunde Popoola, managing director of CRC Credit Bureau, said the bureau is seeking partnership with NAICOM to fully integrate insurance sector data into the national credit reporting system.
The integration of data will help to drive digital adoption, reduce fraud and enhance underwriting and claims management in the insurance industry in Nigeria.
Olusegun Omosehin, commissioner for insurance of NAICOM, expressed the commission’s strong interest to collaborate with CRC to leverage market data and analytics for regulatory oversight, know-your-customer, fraud detection and industry capacity building.
After the meeting, both parties agreed to pursue concrete steps to achieve the core objectives of the partnership through product demonstration and analytics showcases; develop a proposal for insurance-sector database and integration framework; deliver capacity-building/training sessions, proposal for a dedicated insurance-sector database and closer operational collaboration.
According to the parties, integrating insurance data can boost the sector in several ways:
- More accurate underwriting and risk-based pricing.
- Speedier, more accurate claims processing and fraud prevention.
- Detecting and monitoring fraudulent activities, including multiple claims.
- Enhanced KYC and customer verification leveraging CRC’s datasets.
- Support for digital insurance products and financial inclusion through automated decisioning.
However, a senior market operator said the challenge will be in accessing the relevant data in record time to address existing and emerging industry issues.
“The dearth of data is a major issue in Nigeria, not just the insurance sector. Oftentimes, operators make business decisions on the basis of speculation or outdated data because it takes time to assemble, analyse and release current market fundamentals. But I hope that the NAICOM partnership with CRC Credit Bureau would be able address the challenge productively in the interest of the insurance industry in Nigeria.”
At the recently held management retreat of NAICOM, Omosehin listed key priority areas required to reposition the sector:
- Strengthened regulatory oversight.
- Precise execution of the recapitalisation roadmap.
- Enhanced stakeholder engagement.
- Improved internal capacity—especially in risk-based supervision and data analytics.
- Market development and technology-driven innovation.
- Stronger institutional culture and accountability.
- Reinforced policyholder protection.
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