• The Nigerian Insurers Association (NIA) – the market umbrella for the underwriting companies in the country generated an income of N196 million from data upload on the Nigerian Insurance Industry Database (NIID)
• The NIA disclosed this in its 2019 financial report, adding that N5 million was obtained from , while N9.14 million was realised as accrued interest.
The association explained that the balance of amount in the NIID account as at the beginning of last year was N99.99 million, disbursement during the year was N84.27 million and the net sum realised after all expenses was N101 million.
The immediate past Chairman of the association, Tope smart, said the NIID and the Nigerian Insurance Industry Platform (NIIP) are two flagship projects which the association is highly committed to their success.
“The Association carried out a campaign tagged: “Wetin You Carry” to promote Third Party Motor Insurance uptake among motorists in Lagos. The Association also participated actively in the Workshop of Vehicle Insurance Officers (VIOs) from the 36 States of the Federation and the Federal Capital Territory which was held in Lagos. The event provided ample opportunity for the Association to make a presentation to provide more insight on the Nigerian Insurance Industry database and the Nigerian Insurance Industry Platform (NIIP).
“We are optimistic that these engagements and many others with the various stakeholders have helped the Association to build the needed synergy with the various partners including the state VIOs in the enforcement of Third Party Motor Vehicle Insurance in Nigeria,” he said.
The Director-General of the association, Mrs. Yetunde Ilori, said the NIID system in its 10th year of implementation has been effective in transforming the motor insurance policy landscape of the Nigerian Insurance Industry, adding that the NIIP – a unified platform for the sale of 3rd Party Motor Insurance cover has since been deployed and is running live for business transactions.
“As part of efforts to promote third party Motor Insurance uptake among the populace, the Secretariat embarked on a mass media campaign on insurance awareness tagged “WETIN YOU CARRY” with deployment of fully kitted Insurance squad. During the period of the campaign, there was an upsurge in the use of the USSD code *565*11# which enables Policyholders and enforcement agencies confirm the authenticity of motor insurance policy through their mobile phones,” she stated.j
She posited that in the year under review, the Marine Module of Nigerian Insurance Industry Database (NIID) received the final buy-in of the Nigeria Customs Service, the agency responsible for clearance of goods crossing the borders into the country, and whose requirement include insurance certificate as one of the regulatory documents for clearance of imported goods.
“To this end, the NIID was integrated with the Nigeria Integrated Customs Information System (NICIS) for verification of marine insurance certificates issued by NIA members on the Nigeria Single Window Trade Portal – the government trade facilitation website.
“Within the first two weeks of live integration to the Trade portal, over 20,000 marine certificates were validated real time. Importers with genuine marine insurance certificates now enjoy seamless processing of their documents via online real time data sharing between the NIID and the Single Window Trade portal of the Federal Government of Nigeria,” she posited.
She maintained that as part of its engagements the Association was invited to make a presentation of NIID at the National Conference of Directors/Chief Road Traffic Officers of the Federation on the theme:”Employing Technology to enhance Compliance and Safety on our roads: Insurance Industry Collaboration with Road Traffic Officers of the Federation”.
In furtherance of the cooperation existing between both bodies, she said the national body requested for the implementation of the system in all 36 states including the FCT with the support of the Association on modalities for implementation, stressing that the association will continue to partner relevant government agencies on the adoption of the NIID.