• Contact Us
  • About
  • Advertise
  • Privacy & Policy
Tuesday, June 6, 2023
  • Login
  • Register
Business Post
E3P Motor Insurance
  • Home
  • Insurance
  • Pension
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
  • Home
  • Insurance
  • Pension
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
No Result
View All Result
Business Post
No Result
View All Result
Home Feature

Businesses Fly On The Wings Of Covid-19 Despite The Sombre Global Vault

Nwanne Ikemefune by Nwanne Ikemefune
September 20, 2022
in Feature
0 0
0
NAICOM Tells Operators To Match Its Speed, Take Over Secured Markets

Commissioner for Insurance, NAICOM, Sunday O. Thomas

0
SHARES
30
VIEWS
Share on FacebookShare on TwitterShare on WhatsApp

“Since the advent of Covid-19 pandemic, the way and manner in which businesses are conducted have significantly changed; with the major focus now on use of technology to ease activities.”

This is the succinct description of the current face of business by the Commissioner of Insurance, Sunday. O. Thomas at the Professionals Forum of the Chartered Insurance Institute of Nigeria recently. Coming to terms that its either businesses ‘innovate or perish,’ and the second option, the inadvertent route created by the innovators and disruptors.

Thomas said NAICOM has chosen to innovate, and the Commission has “been working to boost access to insurance through effective deployment of technology. The Commission’s portal has been launched and effectively deployed.

“Innovation will be the key to sustenance of the industry and make insurance services seamless by leveraging technology which drives applications like Insurtech, Fintech, Blockchain, Data analytics IoTs, etc,” he stated.

The immediate past chairman, Nigerian Insurers Association, Ganiyu Musa, collaborates the view of the CFI, reiterating that Covid-19 has changed everything, not just the Nigerian insurance industry. “We believe some of the changes will probably be irreversible. As traumatic and sad as it was because it involved loss of lives and livelihood, there were some very interesting and positive learning and takeaways.”

First, Musa said the future of office work “has been redefined permanently. One of the issues a number of insurance companies are dealing with now is questioning the need for people to be physically present for work to be done. It is a situation that has taken the centre stage and has implication for the future of work and staff.”

He said the changing times meant that physical availability does not count as people are now taken up jobs in Nigeria and they reside in UK. “They come in once a quarter or as the assignment demands. He noted that it has its good and bad though, it has democratised employment. On its bad side, he said because Nigeria is a net exporter of skills, it has made it a lot more difficult for us to attract and or retain skills. On the local scene he said all the sectors, banks, manufacturers, telcos are competing to recruit same skilled staff and this has been made more difficult because because “we are competing against Saudi Arabia, UAE, UK. Canada, US and other countries.”

His take on the fall out from the pandemic, is the paradigm shift, “That is for me one of the greatest shifts. It also demonstrated that technology is the key going forward.” Joined to this Musa noted, is that it has impacted significantly the wording of insurance policies and the way the global insurance industry price and underwrite epidemics and pandemics. Besides, he stated that supply chain chains are disrupted with consequences for all.

Another dimension with far reaching changes he held, is the surge of Insurtech firms to fill the void created by Covid-19. However, he said insurance operators as are currently known may not remain “depending on how we respond.” He said the industry reaction to the turbo charged new face of business is either to see it as a threat, or see it as an opportunity. According to him there are a number of projects in the market that qualify in the space of Insurtech. These include the industry marine platform, NIID project and the growing use of technology to aid business of insurance.

Looking into the Insurtech horizon, Musa said its very wide. “What we have now that seem to be developing faster than the other is the access to customers, the democratisation of insurance intermediation and the price quoting system; some are focusing on claims management, some are focusing on fraud investigation. It will take a bit of time to fully evolve. Pointing to other option which no operator should contemplate, which is the option to ‘perish,’ Musa advised operators. “If you don’t jump on the train, then you are going to be left behind on the station and, it will be too late.”

For the Commissioner for Insurance, O. S. Thomas, his way forward is, ‘work together’ and engage in optimism. “We must all work together to explore all possible means to take insurance to a new level that will enhance our competition to the nation’s economy.”

,

Previous Post

NAICOM, NCC, LASG, Expert Push For AI Adoption For Media Development

Next Post

Sanlam Replaces FBNInsurance In Major Rebranding

Nwanne Ikemefune

Nwanne Ikemefune

Related Posts

PenOp
Feature

Pension Industry: Optimizing Performance, Using the Power of Data Analytics – PenOp

May 10, 2023
FIRS Commences Direct Collection Of Taxes From Online Gaming Operators
Feature

FIRS Weighs Nigeria’s Non Endorsement Of Global Uniform Tax Solution, OECD Implores Rethink

April 14, 2023
Tripod Agenda Of Insurance Regulator Shifts Insurance Landscape
Feature

ESG Risks Trending, Take Significant Space In 2023

December 19, 2022
Next Post
Sanlam Replaces FBNInsurance In Major Rebranding

Sanlam Replaces FBNInsurance In Major Rebranding

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

NEM INSURANCE NEM INSURANCE NEM INSURANCE
  • Trending
  • Comments
  • Latest
ILAN Picture

Loss Adjusters Receive Charge To Match Speed Of New Developments

July 30, 2022
Custodian Investment To Acquire 51% Stake In UACN Property

Penetration: Operators Call For Insurance-In-Action

November 2, 2022
tope smart NIA former chairman

Insurance Milestone: A Beacon To Follow

April 3, 2022
ncrib logo

NCRIB And Universal In Pictures

August 23, 2020
Reinsurance Rates May Increase Into 2022, But Momentum To Wane: Fitch

Reinsurance Rates May Increase Into 2022, But Momentum To Wane: Fitch

April 13, 2021
Linkage Assurance Aligns With Brokers For Growth

Linkage Assurance Aligns With Brokers For Growth

December 6, 2021
NCRIB Sets The Stage For Adaramola’s Tenure

NCRIB Sets The Stage For Adaramola’s Tenure

March 18, 2021
Preferred PenCom Logo

PenCom Board Crafted To Hedge Setback

February 1, 2021
PTAD Wipes 21,227 Parastatals Pensioners From Payroll

PTAD Wipes 21,227 Parastatals Pensioners From Payroll

January 31, 2021
PenCom Approves Mrs Okwuosa New Access Pension Fund Custodian MD

PenCom Board Back-To-Work Pass, Gets Tick Over

February 1, 2021
Startup Showcase: ZIPHII LTD – Revolutionising Digital Experience Platform For Businesses

Economy resilient to cyber attacks, but threat persists

0
Lloyd's of London building

Lloyd’s Of London Selects New International Chief Financial Officer

0
old mutual logo

OLD MUTUAL Appoints Permanent Head

0
AIICO donating masks

AIICO Donates Reusable Masks

0
AIICO Seeks NSE’s Nod To Conduct  Rights Issue

AIICO Seeks NSE’s Nod To Conduct Rights Issue

0
Fire Tops STI N2.7bn Claims In 2019

Fire Tops STI N2.7bn Claims In 2019

0
AIICO Pays N2.7bn In 21 Days Of Lockdown

AIICO Pays N2.7bn In 21 Days Of Lockdown

0
NAICOM Segments Recapitalisation Process Into Two Phases

NAICOM Segments Recapitalisation Process Into Two Phases

0
Leadway Calibrates Service By Claims Payment

Leadway Calibrates Service By Claims Payment

0
AIICO Head office

AIICO Releases 2020 Q1 Results

0
Startup Showcase: ZIPHII LTD – Revolutionising Digital Experience Platform For Businesses

Economy resilient to cyber attacks, but threat persists

June 6, 2023
Shipping Losses Down In 2022 But New Safety Challenges Emerge – Report

Shipping Losses Down In 2022 But New Safety Challenges Emerge – Report

June 1, 2023
GNI Trashes Report It Has Surrendered Its Annuity Business

GNI Trashes Report It Has Surrendered Its Annuity Business

May 31, 2023
FIRS: Nigeria’s Tax-To-GDP Ratio, 10.86% As At 2021

FIRS: Nigeria’s Tax-To-GDP Ratio, 10.86% As At 2021

May 31, 2023
Calls To Regulate AI Amid Concerns Over Future Risks

Calls To Regulate AI Amid Concerns Over Future Risks

May 31, 2023
Preferred PenCom Logo

PenCom Debunks Recruitment Exercise, Insists Its Misleading

May 30, 2023
AIICO Insurance Celebrates  With Less Privileged On Children’s Day

AIICO Insurance Celebrates With Less Privileged On Children’s Day

May 29, 2023
The Race For Second Edition of Heirs Life Essay Championship for Junior Secondary Students  Opens 

The Race For Second Edition of Heirs Life Essay Championship for Junior Secondary Students Opens 

May 27, 2023
Leadway Ignites children’s Reading Culture Through “Pages to Places”  Initiative

Leadway Ignites children’s Reading Culture Through “Pages to Places” Initiative

May 26, 2023
Mobile App Appeal A Long Haul That Defies Immediate Returns

Meta fined €1.2bn for breach of EU data rules

May 23, 2023

Recent News

Startup Showcase: ZIPHII LTD – Revolutionising Digital Experience Platform For Businesses

Economy resilient to cyber attacks, but threat persists

June 6, 2023
Shipping Losses Down In 2022 But New Safety Challenges Emerge – Report

Shipping Losses Down In 2022 But New Safety Challenges Emerge – Report

June 1, 2023
GNI Trashes Report It Has Surrendered Its Annuity Business

GNI Trashes Report It Has Surrendered Its Annuity Business

May 31, 2023
FIRS: Nigeria’s Tax-To-GDP Ratio, 10.86% As At 2021

FIRS: Nigeria’s Tax-To-GDP Ratio, 10.86% As At 2021

May 31, 2023
Calls To Regulate AI Amid Concerns Over Future Risks

Calls To Regulate AI Amid Concerns Over Future Risks

May 31, 2023
Preferred PenCom Logo

PenCom Debunks Recruitment Exercise, Insists Its Misleading

May 30, 2023
AIICO Insurance Celebrates  With Less Privileged On Children’s Day

AIICO Insurance Celebrates With Less Privileged On Children’s Day

May 29, 2023
The Race For Second Edition of Heirs Life Essay Championship for Junior Secondary Students  Opens 

The Race For Second Edition of Heirs Life Essay Championship for Junior Secondary Students Opens 

May 27, 2023
Leadway Ignites children’s Reading Culture Through “Pages to Places”  Initiative

Leadway Ignites children’s Reading Culture Through “Pages to Places” Initiative

May 26, 2023
Mobile App Appeal A Long Haul That Defies Immediate Returns

Meta fined €1.2bn for breach of EU data rules

May 23, 2023
Image Spin: NEM Insurance AGM

Image Spin: NEM Insurance AGM

May 18, 2023
Heirs Life CEO, Onifade, Tells Retirees To Adopt Annuity as Retirement Income

Heirs Life CEO, Onifade, Tells Retirees To Adopt Annuity as Retirement Income

May 18, 2023
2022: NEM Insurance Improves GPW By 20%, Profit By 21%, Claims Obligation Rises 38%

2022: NEM Insurance Improves GPW By 20%, Profit By 21%, Claims Obligation Rises 38%

May 18, 2023
Half Year Claims Obligation, Sovereign Trust Pays N1.6bn

Sovereign Trust Insurance Takes Growth In GPW, PAT To 20% And 9% In 2022

May 17, 2023
Business Post

We connect brands with buyers and sellers of insurance, pension and also project insurance and allied Businesses to the trending generation. We help the various public to adapt to the constant changes as it would impact, and also enable advertisers to connect, engage and target opportunities on line , in print and in person.

Browse by Category

  • Business Unlimited
  • Feature
  • Insurance
  • News
  • OIL & ENERGY
  • Pension
  • Travel

Recent News

Startup Showcase: ZIPHII LTD – Revolutionising Digital Experience Platform For Businesses

Economy resilient to cyber attacks, but threat persists

June 6, 2023
Shipping Losses Down In 2022 But New Safety Challenges Emerge – Report

Shipping Losses Down In 2022 But New Safety Challenges Emerge – Report

June 1, 2023
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 BusinessPost

No Result
View All Result
  • Home
  • Insurance
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
  • Contact Us
  • About
  • Advertise
  • Privacy & Policy

© 2023 BusinessPost

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In