The National Insurance Commission (NAICOM) has formally entered a strategic partnership with CRC Credit Bureau Management aimed at integrating insurance data into broader credit reporting systems in Nigeria, with the intent of strengthening risk management across the country’s insurance industry. The collaboration was agreed upon during a courtesy visit by CRC’s management to the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, at the regulatory agency’s headquarters in Abuja.
In outlining the rationale for the proposed partnership, the Managing Director and Chief Executive Officer of CRC Credit Bureau, Dr. Tunde Popoola, emphasised the mutual benefits of linking insurance data with national credit reporting infrastructure. He pointed to the widespread potential for digital adoption, fraud reduction, and improvements in underwriting and claims management across the sector.
Popoola said the effort would also support broader industry objectives that rely on transparent and comprehensive data. Given that insurance transactions involve multiple stakeholders, from policyholders to intermediaries, richer datasets can help both regulators and operators better understand risk exposures throughout the system.
Responding on behalf of NAICOM, Commissioner Omosehin expressed the Commission’s strong interest in the collaboration, viewing it as a pragmatic step toward improving regulatory oversight. He noted that NAICOM would leverage CRC’s data analytics capabilities to strengthen enforcement in key areas such as Know-Your-Customer (KYC) processes, fraud detection mechanisms, and industry capacity building.
In articulating the Commission’s position, Omosehin formally stated, “We are open to collaboration with CRC Credit Bureau to leverage data and analytics for regulatory oversight, fraud detection and industry capacity building.”
Both organisations committed to a set of practical next steps designed to operationalise the partnership. These include conducting product demonstrations and analytics showcases to illustrate how integrated data can be applied, developing a detailed framework for an insurance-sector database, and organising capacity-building and training programmes for industry stakeholders.
A key element of this framework is the establishment of a dedicated database that consolidates insurance sector data, enabling deeper insights into underwriting patterns, claims histories, customer behaviour, and trends that affect systemic risk. Building this infrastructure is expected to enhance the precision of risk assessments and strengthen compliance monitoring.
Omosehin also highlighted the expected operational improvements that may arise from data integration, saying that linking insurance data with credit reporting systems could strengthen core industry functions. “Integrating insurance data could boost the sector in several ways such as more accurate underwriting and risk-based pricing, speedier, more accurate claims processing and fraud prevention,” he said.
Industry analysts observing the development believe that enhanced data sharing will help address longstanding challenges in the Nigerian insurance market. Analysts note that better data infrastructure can enable insurers to deploy more accurate underwriting models, implement risk-based pricing structures, and reduce the time and cost associated with processing claims.
Moreover, embedding insurance data in credit reporting ecosystems is expected to support stronger customer verification processes and accelerate digital insurance product delivery, which can deepen market penetration and contribute to financial inclusion.
If executed effectively, this collaboration between NAICOM and CRC Credit Bureau may mark a significant milestone in modernising the Nigerian insurance industry, aligning it with global best practices in data-driven regulation and risk management.
