Insurance policyholders soon to get identification numbers

Like the contributory pension scheme, policyholders in insurance will soon get identification numbers. This will enhance consumer identification effort under the “Know Your Customer Scheme” (KYC) targeted at bringing to a significantly low level issues bothering on money laundering and terrorism financing, as well as insurance fraud in the business of risk management.

This is a new project by the National Insurance Commission to be driven by improved IT infrastructure, which the Commission said will soon become effective in the country’s insurance sector.

Adamu Balanti, director, research strategy and information technology, National Insurance Commission (NAICOM), said that the unique policy identification system is to monitor and account for all policies issued.

He noted that the system will reduce to the barest minimum the prevalence of improper records regarding policies issued, adding that with the system, NAICOM will be able to track the activities and revenues being made by insurance companies and brokers.

“This system is to build an integration point for the various stakeholders involved in insurance policy issuance; generate and provide a unique identification number for every policy issued, in order to track and provide relevant statistics on them.

“It would help develop a capacity in NAICOM to record all policies issued by Nigerian insurance companies; ensure proper accountability of all premium returns by insurance companies; capture all businesses done by every broker through the underwriter; ensure proper accountability of all insurance levies received from brokers; provide easy access to data regarding policies issued; and support analysis and policy based decision making.”

By: Modestus  Anaesoronye