NAICOM Plans enhance insurance sector’s performance through full digitisation of operations

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The acting Commissioner for Insurance, Mr Sunday Thomas, has said the National Insurance Commission will ensure the full digitisations of insurance processes in the country, to address the sector’s performance.Thomas said this at the retreat for members of the House Committee on Insurance and Actuarial matters at Uyo.

He said, “As part of the commission’s effort to develop the insurance market, it has commenced the process of attaining the full digitisation of insurance business in Nigeria in order to keep tab on current realities.

“There is no hiding the fact in saying that the industry is currently lagging behind other financial services sectors in this regards.”

The commission, he added, was now more prepared to drive the Information Technology revolution in the sector starting with itself.

He said it was on this premise that NAICOM was working assiduously to see that all its operations were done online and real time by digitalising its processes and encouraging the industry to imbibe same.

“Appropriate steps are being taking to launch the commission’s portal which would go a long way in blocking leakages in the sector,” he said.

While speaking on the annuity business, he said it was an aspect of life insurance that was gradually taking its shape in the market.

In recent times, he noted, annuity had recorded significant boost with an increase in its contribution to the sector.

He said the public was becoming more exposed and knowledgeable about the workings of annuity, and that it hoped it would continue in the coming years as the future was looking very bright.

“This has also shown a positive growth in trust and confidence in the sector,” he said.

Thomas said the commission was committed to ensuring adequate protection of policyholders as part of its core mandate.

“This effort has been taken in many fronts such as ensuring that genuine claims are promptly paid by insurers, ensuring financial soundness and viability of the insurers to protect investments, right pricing of insurance products, value for money, and use of technology for ease of transaction,” he said.

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