Insurance Operators Takes to Technology for Seamless Operations, Access to Customers

Ebere Nwoji

Insurance sector operators said they have invested heavily in acquiring technology that will make their operations seamless and accessible to customers through the introduction of dedicated platforms.

They have also announced a USSD code*555*11# that enables motorists check and verify authenticity of their motor insurance certificates. The insurers have also launched a website where all operators and agents are expected to upload the details of their motor insurance policy issued for record keeping and authentication.

Consequently, they said any motor insurance policy that could not be verified on the NIID portal is not authentic – even if it was bought from an insurance company.

The Director General, Nigeria Insurers Association (NIA), Mrs. Yetunde Ilori stated this while addressing the media on the need for insurance buyers to ascertain the authentication or not of insurance certificate they hold.

She said policyholders must ensure the authenticity of their policies so that when claims occur, they could be compensated adequately.

She insisting that compensation could not be paid to those with fake motor insurance certificates whose status could not be ascertained on the NIID platform.

She said with the recent upward review of the premium rates for motor insurance by the National Insurance Commission (NAICOM), which took effect January 1, 2023, vehicle owners were entitled to enhanced compensations.

She gave instances of the various premium and claims attached on vehicle insurance adding that third party insurance premium rate for private motors is now N15,000 while the claims limit is N3 million; “Own goods third party premium N20,000 with N5 million compensation; Staff bus N20,000 premium with N3 million compensation; Commercial (trucks, general cartage) N100,000 premium with N5 million compensation; Special types N20,000 premium with N3 million compensation; Tricycle N5,000 with N2 million compensation; while Motorcycle has N3,000 premium with N1m compensation.”

The NIA DG said, ”the policyholders whose vehicle insurance details had been uploaded on the NIID can check their motor insurance policy status by our website or by sending Short Messaging Service (SMS) to the USSD code *565*11# on any mobile phone with with or without internet access.   You could enter your Vehicle Number or Insurance Policy number to confirm its authenticity. Once your particulars are entered, the result will appear right in front of you.”