The National Insurance Commission (NAICOM), has said it is committed to ensuring adequate protection of policyholders as part of its core mandate.
According to the Acting Commissioner of Insurance, Sunday Thomas, 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, use of technology for ease of transaction among others.
He added that themeasures are significant in its responsibility towards ensuring the insurance consumers are fairly treated and protected.
Going further, he mentioned that 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 tap with current realities.
“There is no hiding the fact in saying that the industry is currently lagging behind other financial services sectors in this regard. The ommission is now more prepared to drive the IT revolution in the sector starting with itself.
“It is on this premise that NAICOM is working assiduously to see that all its operations are 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 will go a long way in blocking leakages in the sector”, Thomas said.
Remi Babalola, chairman board of directors, Law Union And Rock Plc, had during presentation on the theme “Millennials: Digital transformation and the Nigerian insurance industry”, said that the millennials are either critical success or failure factor for the insurance industry both locally and globally depending on how proactive the insurance industry harnesses their positive characteristics.
“Proactive adaptation of their lifestyle or behaviour to innovate products by insurers to match their lifestyle needs will significantly change the landscape of the insurance industry.”
Babalola said that with 92 million segment of the population as active users of the mobile phone, insurance business communication needs to change in order to achieve phenomenal growth in the insurance industry and financial service sector.