CRC Credit Bureau Seeks NAICOM Partnership to Integrate Insurance Data

The Commissioner for Insurance Mr. Olusegun Ayo Omosehin with the Managing Director, CRC Credit Bureau Ltd Dr. Tunde Popoola in Abuja.

By LOVETH AZODO,  Lagos

CRC Credit Bureau has opened discussions with the National Insurance Commission to explore a strategic partnership aimed at integrating insurance sector data into Nigeria’s national credit reporting framework, a move expected to strengthen risk management, curb fraud and accelerate digital adoption across the insurance industry.

The move followed a courtesy visit by the management of CRC Credit Bureau to the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, at the Commission’s headquarters in Abuja.

The meeting focused on how data-driven collaboration could support regulatory oversight while improving underwriting and claims management within the sector.

Managing Director and Chief Executive Officer of CRC Credit Bureau, Dr. Tunde Popoola, said the proposed partnership would enable the inclusion of insurance data in credit reporting systems, creating a more holistic view of risk across the financial services ecosystem.

He noted that deeper data integration would support more accurate underwriting decisions, reduce fraudulent activities and enhance operational efficiency for insurers.

In his response, the Commissioner for Insurance expressed NAICOM’s interest in leveraging CRC’s data and analytics capabilities to strengthen supervision, improve know-your-customer processes and enhance fraud detection across the industry.

He also highlighted the potential for such collaboration to support capacity building and improve regulatory effectiveness.

Both organisations agreed to pursue concrete next steps, including product demonstrations and analytics showcases, the development of a proposal for a dedicated insurance-sector database and integration framework, as well as training and capacity-building initiatives.

They also indicated plans for closer operational collaboration as discussions progress.

Industry stakeholders say integrating insurance data into national credit systems could significantly improve risk-based pricing, speed up claims processing and strengthen fraud prevention, while supporting the growth of digital insurance products and advancing financial inclusion in Nigeria.