"HAVING addressed some of the teething challenges posed by the Nigerian Insurance Industry Database (NIID) project, I am happy to inform you that the project will be formally aunched on Tuesday, June 26, 2012, Lagos" These were the words of the Chairman, Nigerian Insurers Association (NIA), Mr. Olusola Ladipo-Ajayi, during a press briefing on the official launch of the NIID project at the LASACO head office in Lagos.
NIID is an information technology- based system project taken up by NIA in 2003, with the aim of providing easy collation and dissemination of statistical and other information relating to insurance. Besides, it also serves as a vehicle for easy identification of genuine insurance documents by relevant authorized persons.
Relaying some of the benefits Nigerians stand to gain from the system, he said the system helped the security agencies to monitor and authenticate insurance transactions documents.
Ladipo-Ajayi also said that the IT system would help the country reduce incidences of fraudulent insurance transactions and policies, most especially for motor and marine policies.
Ladipo-Ajayi said, "Reducing red tape and corruption by integrating with the vehicle registration system of the Federal Road Safety Commission (FRSC), the police and other relevant government agencies. The NIID system will in another way ensure easy access to statistical data for effective decision making."
Mr. Olusola Ladipo-Ajayi, however, revealed that the Association currently has over 500, 000 vehicle insurance policies on the database with a daily average upload of 2000 records.
The NIA Chairman also confirmed that the National Insurance Commission (NAICOM) and some other stakeholder, such as the Nigeria Police Force (NPF), FRSC and the Nigerian Council of Registered Insurance Brokers (NCRIB), had signified their interest in the
acceptance of the system as the industry's database.
Ladipo-Ajay, therefore, called on policy holders whose insurance details have been uploaded to the system to check so as to monitor their insurance policy status via SMS and the Internet service.
"Mobile handsets are currently being configured for LEAs for on-the-spot check of insurance validity of vehicles on the roads and development work is on-going for the Marine module," he said.