The Nigeria Insurance Association (NIA) on Thursday launched Nigerian Insurance Industry Database (NIID) Unstructured Supplementary Service Data (USSD) Code * 565*11# to check insurance certificates authenticity.
The Chairman of NIA, Mr Tope Smart, at the launch in Lagos said the code would enable policy holders, especially motorists to check if their motor insurance policies were genuine or not.
Smart said the initiative would also help tackle insurance fraudsters.
He added that it would boost Nigerians’ confidence in insurance and bring it close to the people and eliminate fake motor insurance in the country.
He explained that the NIID platform had been operational nationwide since 2011, but with challenges of verification in areas with poor internet coverage.
He said verification of motor certificates through the dedicated devices became highly impaired due to the vicissitudes of internet operations in the hinterlands.
“This led to the introduction of the USSD code *565*11#, an easier transaction through mobile communication.
“It works independent of internet connectivity, any mobile phone (not necessarily a Smartphone) would communicate with the NIID system to retrieve policy status whenever required,” he explained.
He said the advantages of the NIID, which started in 2010 and executed in 2011, included the provision of statistics and analysis for insurance Industry.
“NIID despite its challenges assisted the industry to reduce the incidents of fake insurance certificates as there are over three million vehicle details on the platform,” he said.
He said the NIID USSD would speed up the verification of insurance certificates and reduce incidences of fraudulent transactions especially for Motor and Marine Policies.
He commended the partners that enhanced the kick off the NIID and its USSD.
He said “NIA thank the partners on the journey, they included Nigeria Inter-Bank Settlement System and Courteville Business Solutions Plc.
“We appreciate their support and do assure them of more strategic partnerships as we develop other modules to improve insurance business in Nigeria,” he said.