CRC Credit Bureau has sought a strategic partnership with the National Insurance Commission (NAICOM) to integrate insurance sector data into Nigeria’s national credit reporting framework, in a move aimed at strengthening risk management, reducing fraud and deepening digital adoption in the insurance industry.
The management of CRC Credit Bureau made this known during a courtesy visit to the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, at NAICOM’s headquarters in Abuja.
Speaking at the meeting, the Managing Director/Chief Executive Officer of CRC Credit Bureau, Dr. Tunde Popoola, said the proposed collaboration would enable the integration of insurance data into credit reporting systems, thereby improving underwriting standards, claims management and fraud detection across the industry.
According to him, access to comprehensive and reliable data would support risk-based pricing, enhance operational efficiency and promote trust in the insurance ecosystem, while also driving financial inclusion through digital insurance products.
In his response, the Commissioner for Insurance, Mr. Omosehin, expressed NAICOM’s strong interest in collaborating with CRC Credit Bureau. He noted that the Commission could leverage CRC’s data and analytics capabilities to strengthen regulatory oversight, enhance know-your-customer (KYC) processes, improve fraud detection and support capacity building within the industry.
Both parties agreed to take concrete steps to advance the partnership. These include product demonstrations and analytics showcases, the development of a proposal for a dedicated insurance-sector database and integration framework, as well as the delivery of targeted training and capacity-building sessions. They also agreed to deepen operational collaboration going forward.
Stakeholders say the integration of insurance data into national credit systems could significantly boost the sector by enabling more accurate underwriting and risk-based pricing, speeding up claims processing, preventing multiple or fraudulent claims, strengthening customer verification and supporting the growth of digital insurance products in Nigeria.
