Insurance fraud remains a persistent and evolving challenge in Nigeria’s insurance industry, undermining trust and financial stability. Despite regulatory efforts like the 2007 NAICOM recapitalisation exercise, fraud continues to take many forms—from fake claims and unlicensed agents to identity theft and premium theft - posing ongoing risks to both insurers and policyholders.

The rapid digital transformation of the insurance sector has improved customer experience and efficiency, but also introduced new vulnerabilities. Fraudsters now exploit advanced technologies and online anonymity to carry out sophisticated scams, forcing insurers to adopt innovative tools such as artificial intelligence, behavioural analytics, blockchain, and biometric authentication to detect and prevent fraud.

Coronation Insurance is leading the charge against these threats through a comprehensive approach combining education, cutting-edge AI technology, expert collaboration, and asset recovery initiatives.

Discover how these efforts are helping protect customers and strengthen the industry by reading the full article.

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