• Monday, May 27, 2024
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Insurance regulation gets a boost as NAICOM sets up digital portal

Covid-19 redefines insurance value proposition, service delivery for customers

Insurance industry regulation and supervision is going to be more efficient and real-time following the deployment of digital portal by the National Insurance Commission (NAICOM).

The new portal set for launch soon will enable the Commission track day to day transactions and activities of operating companies within the industry for proper monitoring and enforcement.

Besides that, this will enhance access and availability of data that will help drive policies and decisions in the insurance industry.

Sunday Thomas, commissioner for Insurance and CEO, NAICOM made the disclosure during the 2020 Seminar for Insurance and Financial journalist holding in Uyo, Akwa Ibom State.

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He said the portal, which was in the works for six years, was finally concluded recently as part of ongoing reforms by the current management at the Commission.
Thomas said the new portal was such that wherever anybody is in the world, information on the nation’s insurance sector would be available to him at the click of a button.

“We will be looking at the digital world. Part of what we have done so far is the fact that our portal that was on the drawing board for over six years has been fixed. It is taking us from where we are to the next level.

“We have sensitised the technical people in the industry and they have been going through series of trainings. The next thing we are going to do is to engage the industry with IT guidelines. It is no longer going to be historical reporting,” he said.

Thomas, while reaffirming that the commission would boost the recent confidence President Muhammadu Buhari reposed in the insurance sector, said this administration in NAICOM would not fail Nigerians.

“It is not by coincidence that we are having this conference today that we are marking 60th anniversary as a nation. We want to be seen the way we are so we know where to make amends. NAICOM is an agency of the Federal Government and has the responsibility to make some impact on the economy. We will continue to relish the president’s appreciation of the industry,” he said.

Acknowledging that the investment climate was tough, he said, the Commission was determined to make a difference as there will be no hindrance to information dissemination.

“If there is a need for change let us know and if there is a need for me to explain I will not hesitate to do that. We have challenges ahead of us but we are determined to overcome those challenges. We try as much as possible to let investors, government and stakeholders into our programmes.
“The terrain is tough but we are determined to succeed. Nigeria is not by accident the largest economy in Africa. We must take advantage of the population. There are a lot of things to fast track the process. The digital world will drive regulation,” he pointed out.
Speaking on the Commission’s rededication towards driving the Compulsory Insurance policy, he said it was not enough to sit in Abuja and expect the process to succeed.

He said it was on this ground he took out time recently to visit the Chairman of Nigerian Governors’ Forum (NGF) and Ekiti State Governor, Kayode Fayemi, to prevail on his colleague governors to assist in driving the compulsory insurance policy.