The National Insurance Commission says it will start to rank and publish the performances of insurance companies according to the services provided to their customers.
The acting Commissioner for Insurance, Mr Sunday Thomas, who disclosed this, said this would enable the insuring public to make informed decisions on the firms to patronise.
He said, “Let me reassure you that the commission shall continue to introduce new reforms and initiatives in line with international best practices for consumer protection and customer satisfaction.
“Henceforth, insurance companies will be assessed and ranked on the quality of their service delivery to customers and the ranking of companies in this regard will be made public in order to provoke healthy competition among insurers.
“This, we believe will boost consumers’ choice and confidence in insurance.”
While speaking during an interactive session with insurance companies customers in Lagos, he said customers’ satisfaction was central to the sustainability and success of every business, insurance inclusive.
Thomas said it was aware of some of the obvious challenges affecting the sector on the side of operators, consumers, investors and regulator.
While noting that these challenges could be very overwhelming, he said the industry must not relent in looking for better ways to effectively and efficiently ensure delivery of quality services to policyholders.
He said, “From the regulatory perspective, policyholders remain a key component of our primary constituency and therefore must ensure they are treated fairly and protected as enshrined in the relevant laws; while at the same time balancing the supervisory role of ensuring financial soundness and reliability of insurance institutions in the country.
“Suffice it to say that consumers are faced with challenges that may vary from one individual or entity’s experience to another while the provider is faced with constraints that may also differ from one company to the other.”
He said that regular interactions between the regulator and customers, among others, fostered a better understanding and synergy that would result in better services to the consumer.