At the Insurance Meets Tech (IMT) 2024 conference held on September 27th at the Balmoral Event Centre in Victoria Island, Lagos, Mr. Olusegun Ayo Omosehin, the Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), outlined five key priority areas to strategically reposition Nigeria’s insurance sector. His keynote address, delivered by Mr. Julius Odidi, the Head of the Lagos Control Office, emphasized the importance of innovative partnerships between the insurance and technology sectors in driving the industry forward.Omosehin’s address coincided with a gathering of industry experts organized by Modion Communications, aimed at exploring ways to enhance the Nigerian insurance landscape. He stressed that the insurance sector plays a crucial role in Nigeria’s ambition to achieve a One-Trillion-Dollar Economy, particularly in the realm of risk management.
In his speech, Omosehin identified the following five priority areas for immediate implementation:
1. Safeguarding Policyholders and Enhancing Confidence:
Omosehin reiterated the need for the insurance industry to prioritize the protection of policyholders. By ensuring transparent operations and a fair treatment process for claims, the sector can build trust and confidence among consumers, which is vital for its growth.
2. Strengthening Supervisory Capabilities and Organizational Effectiveness:
The Commissioner highlighted the importance of enhancing NAICOM’s supervisory functions. By improving organizational effectiveness, the Commission aims to create a more robust regulatory environment that fosters compliance and governance within the industry.
3. Improving the Safety and Soundness of the Nigerian Insurance Sector:
A strong financial foundation is essential for the sustainability of the insurance industry. Omosehin called for measures to ensure that insurance companies maintain adequate capital reserves and adhere to sound financial practices, safeguarding the sector against potential economic challenges.
4. Fostering Innovation and Sustainability:
With the rapid evolution of technology, the insurance sector must embrace innovation. Omosehin urged industry players to incorporate modern Insurtech solutions that not only enhance service delivery but also promote sustainability within the sector.
5. Increasing Overall Accessibility and Penetration of Insurance Services:
Expanding access to insurance products is crucial for enhancing market penetration. Omosehin emphasized the need for strategies that make insurance services more accessible to a wider audience, particularly underserved populations, by leveraging digital platforms.
The theme of the conference, “Revitalising the Insurance Industry to Risk-Manage Nigeria’s One-Trillion-Dollar Economic Aspiration,” served as a clarion call for the industry to adapt and evolve in response to pressing economic and social challenges. Omosehin’s commitment to fostering innovative solutions highlights NAICOM’s proactive approach in navigating the complexities of the modern insurance landscape.
As stakeholders in the insurance and technology sectors come together, the insights shared during the IMT 2024 conference are expected to catalyze transformative changes within the industry. Omosehin’s vision for a revitalized insurance sector aligns with Nigeria’s broader economic goals, promising to enhance resilience and responsiveness in risk management practices, ultimately contributing to national growth and development.
