The National Insurance Commission has handed NETAPPS partnering insurtech licence, with a clear footnote, to deepen insurance penetration and expand access across Nigeria.
Seen as the Commission’ commitment to leverage digital innovation, the Commissioner for Insurance, Olusegun Omosehin, said that adopting technology-driven solutions and alternative distribution channels is essential to addressing Nigeria’s persistent low insurance penetration and insurance gaps leaving vast aesanel of risks uncovered.
However, with a digital platform rising out from the untapped potentials, the underserved populations particularly young people who engage through mobile devices would break the barrier to accessible, affordable, and inclusive insurance. He emphasised that insurtech firms plays a critical role within the Commission’s innovation and access agenda.
As the licence presentation event rolled, Omosehin reiterated the Commission’s readiness to collaborate with licenced innovators such as NETAPPS within its oversight space to safeguard consumers and preserve financial system stability.
As a licensed partnering insurtech, NETAPPS is expected to leverage its digital capabilities to expand insurance access
