FB pixel

Compulsory digital ID policy in Nigeria can spur insurance adoption, experts suggest

 

digital identity biometric registration

Technology and insurance policy experts in Nigerian have called for a policy making digital ID mandatory for insurance to be put in place, which they believe can drive the insurance culture in the country.

These views were exchanged recently during the second edition of a leadership webinar series, dubbed Digital Identity Matters, run by digital ID verification company VerifyMe Nigeria in partnership with tech news outlet Tech Cabal.

With a population of more than 200 million citizens, just about one percent of Nigerians are said to have an insurance plan of any form.

In different reports by Tech Cabal and This Day, the reasons for the argument are diverse, but as the experts agreed, there is the possibility of accelerating the adoption of insurance policies by Nigerians with the use of digital ID technologies like those deployed by VerifyMe Nigeria.

Speaking under the theme “Why Insurance is Important for the Growth of Nigeria’s Digital Economy,” the co-founder and CEO of VerifyMe Nigeria Esigie Aguele said there is need for such efforts to be made so that more Nigerians can subscribe to insurance to help grow the country’s digital economy, the reports mentioned.

Aguele stated that his company has the right digital identity technology to make that happen, but that there is also need for further regulations and enforcement measures to be put in place, as car insurance is supposedly compulsory for Nigerians, but held by few drivers.

Insurance contributes less than 1 percent to Nigeria’s GDP, Aguele said, compared to 17 percent in South Africa.

“For a company like VerifyMe, we have the technology and APIs, but there needs for strong regulation to close the credibility gap in the insurance market and drive compliance, even with the 1 percent who are insured. For instance, we need regulation to ensure that the right ID is matched to the right product. For vehicle insurance, we have to ensure that all motorists have proper insurance and driver’s licenses,” the VerifyMe co-founder was quoted by This Day.

This move, he sustained, will “expedite the adoption of data-as-a-product solutions that use ticketing scores to set insurance premiums….,” adding that this and other measures “…can be put in place while we continue to work on the economic issues that will change cultural perceptions to grow the market much bigger.”

Aguele spoke to Biometric Update about VerifyMe’s innovative approach to increasing identity assurance.

Article Topics

 |   |   |   |   |   |   |   |   | 

Latest Biometrics News

 

Sardine nets $70M in Series C funding for automated fraud prevention platform

Sardine, a startup that employs machine learning for fraud prevention, compliance and credit underwriting, has announced a $70 million Series…

 

Indonesia aims to boost digital ID uptake in bid for greater efficiency

Indonesia is digitizing its civil registration services in a bid for greater efficiency as the country’s citizens enjoy improved convenience…

 

Ondato’s biometric age verification joins NIST leaderboard

Ondato has joined the U.S. National Institute of Standards and Technology evaluation of age assurance algorithms in the latest update…

 

Digital identity strengthens super wallets, transforming India’s DPI

India’s digital transformation has been accelerated by its digital public infrastructure (DPI), a framework that enables seamless digital services through…

 

FaceTec free biometric IDV app launch for UR Codes kicks off adoption push

FaceTec has high hopes and big plans for UR Codes, its digitally signed biometric barcodes, and has released free Scan+Match…

 

Scytáles, Deutsche Telekom to develop age assurance component for EUDI

As the EU Digital Identity (EUDI) Wallet has progressed, its utility as a tool for age assurance has been a…

Comments

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

DIGITAL ID for ALL NEWS

Featured Company

ID for ALL FEATURE REPORTS

BIOMETRICS WHITE PAPERS

BIOMETRICS EVENTS

EXPLAINING BIOMETRICS