Nigeria: NAICOM, CRC explore data-sharing partnership to boost insurance oversight

The National Insurance Commission (NAICOM) and CRC Credit Bureau have initiated discussions on a potential collaboration aimed at leveraging data and technology to strengthen regulatory oversight, curb fraud, and modernise Nigeria’s insurance industry.

The Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr Olusegun Ayo Omosehin, disclosed the Commission’s interest in partnering with CRC during a courtesy visit by the bureau’s management to NAICOM’s headquarters in Abuja.

Omosehin said access to robust data and advanced analytics would enhance the Commission’s supervisory capabilities and support insurers in operating within a more transparent and secure environment.

“We are open to collaboration with CRC Credit Bureau to leverage data and analytics for regulatory oversight, Know Your Customer processes, fraud detection, and capacity building across the insurance industry,” he said.

According to him, improved data integration would enable NAICOM to carry out its mandate more effectively, while also helping insurers strengthen risk management and compliance standards.

In his remarks, the Managing Director and Chief Executive Officer of CRC Credit Bureau, Dr Tunde Popoola, expressed readiness to work with the regulator to incorporate insurance sector data into Nigeria’s national credit reporting framework.

Popoola noted that integrating insurance data into the broader credit ecosystem would support digital transformation within the industry, enhance fraud detection, and improve underwriting and claims management processes.

“We see strong value in partnering with NAICOM to integrate insurance data into national credit reporting systems. This will support digital insurance, reduce fraud, and improve underwriting and claims management,” he said.

Both organisations agreed on a series of next steps to advance the proposed partnership. These include product demonstrations and analytics showcases, the development of a detailed proposal for an insurance-sector database and integration framework, and the rollout of targeted training programmes to build capacity within the industry. They also committed to deeper operational collaboration.

Industry stakeholders say the integration of insurance data into credit reporting systems could deliver significant benefits, including more accurate underwriting, risk-based pricing, faster claims processing, and stronger fraud prevention through the identification of multiple claims linked to the same incident.

Enhanced data-sharing is also expected to improve customer verification through stronger KYC processes, support automated decision-making, and drive broader financial inclusion through digital insurance products.

Observers believe the emerging collaboration between NAICOM and CRC Credit Bureau could signal a shift toward a more data-driven, transparent, and technologically enabled insurance ecosystem in Nigeria—benefiting regulators, insurers, and policyholders alike.