Barbara Bako, Abuja.
The National Insurance Commission (NAICOM) says it has set out five key strategies in order to reposition the insurance industry and place high priority in certain areas that will potentially stimulate the transformation agenda of the insurance Industry.
While giving his keynote address at the Insurance Meets Tech (IMT) on the theme, “Revitalising the Insurance Industry to Risk-Manage Nigeria’s One-Trillion-Dollar Economic Aspiration” this weekend in Lagos, the Commissioner For Insurance, Olusegun Ayo Omosehin made this reveal.
According to the CFO, “First, upon the assumption of office of the current Management, we recognised the
urgent need to strategically reposition the insurance industry and place high priority in certain areas that will potentially stimulate the transformation agenda of the insurance sector.”
Omosehin listed the five priority areas for immediate implementation which include “safeguarding policy holders and improving confidence in the industry, strengthening our supervisory capabilities and organizational effectiveness, Improving safety and soundness of the Nigerian insurance industry, fostering innovation and sustainability of the Nigerian insurance industry, and enhancing overall insurance accessibility and penetration in Nigeria.”
The Commissioner reiterated that the NAICOM plays a vital role in fostering innovative business solutions that address pressing economic and social issues in Nigeria’s insurance sector.
This commitment he said, extends to ensuring prompt settlement of legitimate claims, promoting market growth through innovation, and driving commercial value within the industry.
The NAICOM boss said “In achieving this objective of revitalising the insurance industry, we must of necessity address the following fundamental issues plaguing the sector which include among others low Insurance Penetration, lack of public trust, market fragmentation, regulatory reforms, digital transformation and adaptation.
For instance he said, “In the insurance sector for instance, while lockdowns negatively impacted traditional
distribution channels, they also encouraged insurers to develop digital offerings. This has come to show that investing in technology, online platforms, and mobile apps can
improve customer experience and accessibility.”
“Essentially, revitalizing the Nigerian insurance industry to risk-manage Nigeria’s One Trillion Dollar Economy literally speaks to the insurance industry’s readiness and preparedness to de-risk the activities that is projected to galvanize productivity, Innovations, economic growth and development,” he added.
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He explained that with the rapid changes in technology and economic/business environment, the IMT event is not just timely but also topical to reawaken the need for the insurance industry to rise up to the current realities of what is expected of the industry.
He further stated, “This will lead us ask the question; are we where we should be as an Industry? And your answers may definitely not be different from mine – No. A further question will now be; how do we intend to get to where we should be?”
“In furtherance of the need to address the fundamental question of how to attain our intended goals, we are resolved to place high priority to settlement of genuine claims as that is the fundamental reason of our existence as an industry.”
“One of the enshrined and fundamental responsibilities of the Commission as a regulator is the protection of policyholders, hence the Commission prioritized prompt settlement of all genuine claims, fair treatment of policyholders and utmost transparency as some of the ways to boost insurance industry’s image and support economic growth,” he said.
