WorldStage Newsonline-- In a bid to re position the Nigerian insurance industry and check the menace of fake insurance certificates, the Nigeria Insurers Association(NIA), Tuesday in Lagos officially launched the Nigerian Insurance Industry Database (NIID).
Commissioner for insurance, Mr.Fola Daniel, said at the function that the project which was long overdue will help to boost the image of the insurance industry, adding that the it will reduce and if possible eradicate the issue of fake insurance certificates.
He noted that fake insurance business in the country had not only denied the industry of its premium but had not benefited the nation's economy.
The NAICOM boss further said that the initiative will be a platform to provide protection for Nigerian from fraudsters, especially in the area of third party motor insurance policy.
He assured that the eradication and standardization of the industry is one of the objectives of the Market Development Restructuring Initiative (MDRI).
In a welcome remark, the outgoing Chairman of the NIA and Group Managing Director of Lasaco Insurance Plc, Mr. Ladipo-Ajayi, said that the NIID was established because it was necessary to stop all unlawful act that have affected the insurance industry.
According to him, "the project is an information technology driven system that helps to facilitate easy access of original insurance certificate and products by the various regulators in the industry."
He noted that the project will go a long way to reduce linkage and unnecessary competition introduced into the sector.
Explaining further on the effect of fake insurance in the country, the NIA boss said that fake insurance products are more dangerous and damaging than fake products.
"Fake products are dangerous to the individual while fake Insurance can damage a whole family," he noted.
He assured the public that the insurance industry is positioned to take it rightful position in the nation's economy and also to contribute to its GDP.
He however called on operators to take advantage of the opportunity provided by the project and give quality services to their customers.
Applauding the project, the Chief Consultant to NAICOM, Mr Yemi Soladoye, allayed fears of the public that the project will not achieve its aim.
According to him, "this is a project that have come to stay since it’s something that has to do with ICT base and simply because as time goes on it will be expanded.
"Since its data and data that have been submitted and will continue to be submitted by various insurance companies, then it will see the light of the day."
He said that the project was all about insurance industry data base, adding that the industry needed data of those who were not insured so as to capture the market.
" We also need data about risk and disaster in the society, so the NIA will equally need to go into that area because usually insurance provides information about risk in every society.” He said.
"So that the economy will move forward the need to take informed decision."
Among those present at the event were members of the Nigerian Police Force, Federal Road Safety Commission (FRSC), Nigerian Customs Service (NCS), Lagos State Motor Vehicle Administration Agency (MVAA) and Vehicle Inspection Officers in 36 states of the federation including Abuja.