The umbrella body for risks underwriting companies in the country, the Nigerian Insurers Association (NIA) has said it would deploy the Nigerian Insurance Industry Database (NIID) to check the increasing rate of fake marine insurance in the industry.
According to the association, the NIID marine insurance module would be ready by the end of the second quarter of next year while awareness programme on the database would commence immediately.
NIID is an electronic platform established by the NIA to serve as a vehicle for easy identification of genuine insurance documents by relevant authorised persons, monitor insurance transactions and reduce fraud in insurance transactions.
It is currently being deployed to capture all the third party motor insurance transactions in the country with a view to extending it to other types of compulsory insurances in due course.
The Director General of the association, Sunday Thomas, made this known at the recent 2013 Annual Training for Journalists organised by his organisation at Ijebu Ode, Ogun State. He said the NIID marine insurance module was designed to eliminate fake marine insurance certificates in circulation across the country.
“Marine module should be ready before the second quarter. We have engaged a Programmer resuming January 1, 2014. If they are able to conclude work on the module, the banks would have to reach individual companies to get details of their marine insurance business. Rather, the banks would link up to the NIID marine insurance module to get such details. When it is ready, we will increase awareness on this,” Thomas said.
The association has also assured stakeholders that the database would facilitate easy collation and dissemination of statistical date of all insurance companies and serve as a vehicle for easy identification of genuine insurance documents by relevant authorised persons.