June 28 (Lagos) - Insurance companies in Nigeria have launched a database project - The Nigerian Insurance Industry Database (NIID), that will facilitate easy verification of documents for insurance purposes in the country.

Chairman of the Nigerian Insurers Association (NIA), Olousola Ladipo-Ajayi said that the database scheme will provide easy collation and dissemination of statistical and other information relating to insurance and faster verification of genuine insurance certificates. It will make monitoring and authenticating insurance documents easy and faster. It will go a long way in reducing fraud from the system as fake insurance documents will be caught easily.

It will integrate with the vehicle registration system of the Federal Road Safety Commission, the Police and other relevant government agencies and will ensure easy access to statistical data for effective decision making in the insurance industry.