Joseph Inokotong, Abuja
The National Insurance Commission (NAICOM) has commenced the process of digitising all its operations.
Acting Commissioner for Insurance, Mr. Sunday Thomas, disclosed this at a retreat organised by the Commission for members of the House of Representatives Committee on Insurance and Actuarial Matters in Uyo at the weekend.
According to Mr. Thomas, the move was part of the Commission’s efforts to develop the insurance market to keep tab on current realities.
He said: “The Commission is now more prepared to drive the Information Technology (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 in real-time by digitalising its processes and encouraging the industry to imbibe the same.
“Appropriate steps are being taken to launch the Commission’s portal which will go a long way in blocking leakages in the sector’’.
The Acting Commissioner for Insurance said that the total investment in the insurance industry as of 2019 stood at N1.1 trillion representing 71.9 per cent, while claims paid was N330, 369.18 representing 31 per cent.
He said that gross premium paid in 2019 was N490, 994. 99 representing 15.2 per cent, noting that the figures showed that there were some cases of delays in the payment of claims by some insurance operators.
Mr. Thomas said that the Commission had strengthened its complaint bureau to effectively address consumer complaints within the shortest possible time.