The goal is to make insurance more accessible……
The eagerly anticipated strategic plan for the insurance industry is set to make its debut in October during the 2023 National Conference in Abuja, as announced by the National Insurance Commission (NAICOM). Commissioner for Insurance revealed that the comprehensive plan encompasses all aspects of the industry, spanning from underwriting to broking and adjusting.
Speaking at a two days seminar for financial journalists in Uyo, Akwa Ibom State, the Commissioner for Insurance Sunday Thomas saying This strategic blueprint holds significant importance for the industry, offering a structured framework for implementing key initiatives over a defined period. Experts believe that the plan will play a pivotal role in guiding successive leadership by addressing the sector’s challenges effectively and providing a clear direction for the industry’s growth and achievements.
Commissioner Thomas also highlighted the ongoing commitment to capacity building, noting the noteworthy achievement of having two newly recruited staff members, hired in 2020, on the verge of becoming certified actuarial analysts. He emphasized that the commission has not only contributed to the industry but has also actively participated in capacity-building endeavors.Discussing product development, Commissioner Thomas mentioned the commission’s approval of numerous products and the initiation of several ideas into the market. The goal is to make insurance more accessible, achieved by empowering operators to enhance transaction volumes. He further highlighted the licensing of additional micro-insurance companies, approval of new products, and the commendable progress in increasing the industry’s numerical strength.
Overall, the forthcoming launch of the insurance industry’s strategic plan holds promise for reshaping and revitalizing the sector, ensuring a more focused, dynamic, and customer-centric approach.
