Nigerian insurers close claims fraud gap with $450k expansion fund2021-04-082021-04-08http://www.liquidafrica.com/wp-content/uploads/2015/12/LA-Logo.pngliquidafricahttp://www.liquidafrica.com/wp-content/uploads/2015/12/LA-Logo.png200px200px
Insurance companies in Nigeria and other African countries are to benefit from Curacel’s $450,000 pre-seed funding for expansion that targets to address issues on claims fraud.
Curacel’s AI-powered system works by figuring out whether a claim is true while detecting and flagging false and fraudulent claims. Apart from serving insurers directly, it creates a link between insurance companies and primary care hospitals, travel agencies, automobile companies, and security outfits.
He will take over from Mr. Fatai Adegbenro, who retires from the Council in May, 2021.
Adaramola, who is currently the Deputy Executive Secretary of the Council, joined the NCRIB in 2004 as the pioneer Public Relations Manager.
A 1989 graduate of Political Science and Industrial Relations (MILR) from the University of Ibadan, Adaramola, had earlier worked as a reporter with Ogun Radio, Abeokuta; served as Press Secretary to the Ogun State Government between 1991 and 1998, from where he joined the Nigerian Insurers Association (NIA) in 1998, as the second Public Relations Professional to be engaged by the association.
While in the Council, Adaramola, rose through the ranks and availed the entire industry his expertise in Public Relations and public speaking for which he was renowned.
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Nike Popoola
Published 15 March 2021
Despite the fact that it is mandatory for all vehicles to have a minimum of third party motor insurance certificates, there has been a decline in the number of vehicles with genuine insurance certificates on Nigerian roads,
NIKE POPOOLA reports
The number of vehicles with fake certificates on Nigerian roads rose to 9.04 million according to latest figures obtained by our correspondent.
Figures obtained from the Nigerian Insurers Association revealed that only 2.72 million vehicles on Nigerian roads had valid insurance covers as of February.
Also, latest data from the National Bureau of Statistics estimated Nigeria’s vehicle population at 11.76 million.
COVID-19, #EndSARS batter Insurance sector
On
It’s still showing resilience – Operators
By Peter Egwuatu
Adverse operating environment headlined by COVID-19 Pandemic and #EndSARS protest in 2020 has taken a massive toll on the growth rate of the Nigerian insurance industry.
But top 16 insurers have managed to record positive figures in their 2020 financial results though significantly below previous year’s figures. The 16 companies control over 80 percent of the entire industry.
The 16 companies are AIICO Insurance, Axa Mansard, Consolidated Hallmark, Cornerstone Insurance, and Coronation Insurance. Others are Linkage Assurance, Mutual Benefits Assurance, Nem Insurance, Niger Insurance, Prestige Assurance, Regency Alliance, Royal Exchange, Sovereign Trust, Sunu Assurance, Universal Insurance, and Veritas Kapital.
Vanguard News
Insurance sector struggles with adverse environment
On
Insurance
Adverse operating environment headlined by COVID-19 Pandemic and #EndSARS protest in 2020 has taken a massive toll on the growth rate of the Nigerian insurance industry.
But top 16 insurers have managed to record positive figures in their 2020 financial results though significantly below previous year’s figures. The 16 companies control over 80 percent of the entire industry.
The 16 companies are AIICO Insurance, Axa Mansard, Consolidated Hallmark, Cornerstone Insurance, and Coronation Insurance. Others are Linkage Assurance, Mutual Benefits Assurance, Nem Insurance, Niger Insurance, Prestige Assurance, Regency Alliance, Royal Exchange, Sovereign Trust, Sunu Assurance, Universal Insurance, and Veritas Kapital.