Insurtech firms are on the edge waiting for the soon to be released draft Insurtech Operation Guidelines by the National Insurance Commission to address both opportunities and challenges for industry players. This sure promise was made by the Commissioner for Insurance Olusegun Omosehin at the IMT3.0 convened by Modion Communications held at Balmoral Conference Center, Victoria Island Lagos today .
Omosehin who’s keynote address was on the theme, “Revitalising the Insurance Industry to Risk-Manage Nigeria’s One-Trillion-Dollar Economic Aspiration” said the Commission plays a vital role in fostering innovative business solutions that address pressing economic and social issues in Nigeria’s insurance sector.
Confident NAICOM Boss said the convening of experts in insurance and technology would explore innovative partnerships driving the development of a vibrant Nigerian insurance sector capable of supporting the nations projected one trillion dollar economy and meeting risk management expectations.
Taking the moment to point to the way to go, Omosehin said, “It is worthy to state that the increasing momentum of Insurtech development poses both opportunities and challenges for established industry players. To remain competitive, it is crucial that we proactively incorporate innovative Insurtech solutions that will change our conventional business models, thereby safeguarding our continued relevance in addressing customer needs and market position.”
Expressing regulator’s knowledge of the Insurtech turf, he goes further, “The Commission has since understood this reality and issued the Regulatory Sandbox Guideline to accommodate the testing and refinement of innovative products. Consequently, we established a Directorate for Innovation and Regulation, recognising that change requires new approaches.”
Featured picture from left: MD Cornerstone Insurance Plc, Stephen Alangbo, MD Sanlam Nigeria Tunde Mimiko, MD Heirs Life Assurance Limited, Niyi Onifade, Convener Insurance Meets Tech, Odion Aleobua, Chief Client Officer Axa Mansard Insurance Plc Rashidat Adebisi, CEO Casava Bode Pedro, MD Peakthrust Insurance Brokers Abimbola Onakomaiya and CEO Cybervergent Adetokunbo Omotosho at the IMT3.0 Insurance Meets Tech in V.I. Lagos.
