• Contact Us
  • About
  • Advertise
  • Privacy & Policy
Friday, March 24, 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 Insurance

NAICOM Tells Operators To Align With Covid-19 Created New World Order

Nwanne Ikemefune by Nwanne Ikemefune
January 30, 2021
in Insurance
0 0
0
naicom building picture

NAICOM Headquater' Abuja

0
SHARES
56
VIEWS
Share on FacebookShare on TwitterShare on WhatsApp

The world has been overhauled by the current pandemic- Covid-19, and spinning now is a new world order in all of human endeavours; consequently, service and production industry across the globe are adapting to a new order at different levels of speed, and the National Insurance Commission is recommending to insurance operators to adapt.

The Commissioner For Insurance, Mr O S Thomas, as a demonstration of the importance of the need to adapt to the new world order, stated it in the establishing paragraph in the goodwill message to insurance brokers at the 2020 Retreat for CEOs.

First in line, was to commend them for putting together the programme, “notwithstanding the precarious prevailing global atmosphere.” Thomas therefore, said the event was a demonstration of their ability to adapt to current realities in the wake of the corona virus (Covid-19).

Narrating how insurance was traditionally done before the paradigm shift, NAICOM helmsman said: “One of the most affected businesses are the service businesses requiring physical contact which our beloved profession falls within given that most often than not, product distribution require face to face contact for us to get the buy-in of our potential clients.”

Taking the narration further, he stated, “This year has no doubt been a very challenging one for our sector, individual households and the economy at large as a result of the Covid-19 pandemic. However, to us in the insurance sector, what this situation has thrown up is that there must be a paradigm shift from our usual way of business practice.

“It is therefore imperative on us to embrace and align our businesses to the new world order if we must be seen to be relevant.”

NAICOM, he disclosed, has already opted to align and adjusting to the challenges and opportunities which the pandemic has imposed on the socio-economic and business environment.

He enumerated several fronts where the Commission had adjusted, for instance, the recapitalisation programme was reviewed and extended in recognition of the current realities, another sprout points to automation of the Commission’s processes for prompt service delivery “has been fast track.”

Also on the heels of Covid-19, was the e-portal for regulatory submission of various applications by operators and obtaining e-approvals “is in the final stage.”

Also coming up to address Covid-19 challenge Thomas said, is the on going work focused on the framework for digitalisation of operations (such as IT Standards, Web Aggregators, Regulatory Sandbox, etc) of regulated entities are in progress.

Previous Post

ATI Appoints Maunel Moses New CEO

Next Post

FBNInsurance Deploys Robust Payment Channels

Nwanne Ikemefune

Nwanne Ikemefune

Related Posts

NAICOM Head office
Insurance

Insurers Claims Paid In 2022 Q4 Increases By 18%, N244.3bn Obligation To Customers

March 24, 2023
NAICOM Regulation Stirs Clear Of Wild Spin Focuses On Mid-Point With Policyholders And Operators
Insurance

Nigeria’s Insurance Industry Gross Premium Muscle Lifts N776.2bn To Closs 2022

March 23, 2023
Image Spin: Diipo Olarenwaju Says Blockers Of Loss Adjusters Vital Role Will Be Challenged
Insurance

Image Spin: Diipo Olarenwaju Says Blockers Of Loss Adjusters Vital Role Will Be Challenged

March 23, 2023
Next Post

FBNInsurance Deploys Robust Payment Channels

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
Preferred PenCom Logo

PenCom Board Crafted To Hedge Setback

February 1, 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
PenCom Approves Mrs Okwuosa New Access Pension Fund Custodian MD

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

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

PTAD Wipes 21,227 Parastatals Pensioners From Payroll

January 31, 2021
Scib CEO Tinubu

Professionals Want Value Dimension Added To Enhance Compulsory Insurance

6397
How Strong Is The Reinsurance Sector Going Into 2021?

How Strong Is The Reinsurance Sector Going Into 2021?

6131
Allianz Claims Survey Shows Changing Claims Patterns

Internal Failures, Major Cause Of Cyber Claims

5160
As Nat Cat Losses Mount A Resilience Mindset Matters More Than Ever

As Nat Cat Losses Mount A Resilience Mindset Matters More Than Ever

1385
Anchor MD Loses Father

Anchor MD Loses Father

1377
Leadway Assurance Leads With ISO/IEC Re-certification

Leadway Assurance Leads With ISO/IEC Re-certification

916
NIID: Dare Project To Take back Motor Policy From Touts Still Surging Despite Odds

NIID: Dare Project To Take back Motor Policy From Touts Still Surging Despite Odds

860
PenCom Trigger Lifts Transfer System Off The Starting Block With Split Responsibilities

Pension Funds Encounter First Waterfall

357
Old Mutual Points Nigerians To Insurance-backed Savings Plans To Hedge Economic Volatilities

Old Mutual Points Nigerians To Insurance-backed Savings Plans To Hedge Economic Volatilities

321
Linkage Assurance Aligns With Brokers For Growth

Linkage Assurance Aligns With Brokers For Growth

255
NAICOM Head office

Insurers Claims Paid In 2022 Q4 Increases By 18%, N244.3bn Obligation To Customers

March 24, 2023
NAICOM Regulation Stirs Clear Of Wild Spin Focuses On Mid-Point With Policyholders And Operators

Nigeria’s Insurance Industry Gross Premium Muscle Lifts N776.2bn To Closs 2022

March 23, 2023
Image Spin: Diipo Olarenwaju Says Blockers Of Loss Adjusters Vital Role Will Be Challenged

Image Spin: Diipo Olarenwaju Says Blockers Of Loss Adjusters Vital Role Will Be Challenged

March 23, 2023
Tax Administrators Charged To Match The Pace Of Global Technological Advancements

Tax Administrators Charged To Match The Pace Of Global Technological Advancements

March 21, 2023
Ojumah’ Exploits Earn Induction Into Sanlam Pan Africa Council Of Elders

Ojumah’ Exploits Earn Induction Into Sanlam Pan Africa Council Of Elders

March 20, 2023

FIRS Feast Of MoU Snaps UK Counterpart

March 18, 2023
Guinea Insurance Sets For Return To Profit Turf

Guinea Insurance Sets For Return To Profit Turf

March 18, 2023
Image Spin: Farewell For Omolola Adekunle Bankole

Image Spin: Farewell For Omolola Adekunle Bankole

March 17, 2023
Seplat Energy Says Allegations Against CEO, Board Untrue, Misleading

Seplat Energy Says Allegations Against CEO, Board Untrue, Misleading

March 16, 2023
Transactional Risk Insurance Now Mainstream Product – Report

Transactional Risk Insurance Now Mainstream Product – Report

March 15, 2023

Recent News

NAICOM Head office

Insurers Claims Paid In 2022 Q4 Increases By 18%, N244.3bn Obligation To Customers

March 24, 2023
NAICOM Regulation Stirs Clear Of Wild Spin Focuses On Mid-Point With Policyholders And Operators

Nigeria’s Insurance Industry Gross Premium Muscle Lifts N776.2bn To Closs 2022

March 23, 2023
Image Spin: Diipo Olarenwaju Says Blockers Of Loss Adjusters Vital Role Will Be Challenged

Image Spin: Diipo Olarenwaju Says Blockers Of Loss Adjusters Vital Role Will Be Challenged

March 23, 2023
Tax Administrators Charged To Match The Pace Of Global Technological Advancements

Tax Administrators Charged To Match The Pace Of Global Technological Advancements

March 21, 2023
Ojumah’ Exploits Earn Induction Into Sanlam Pan Africa Council Of Elders

Ojumah’ Exploits Earn Induction Into Sanlam Pan Africa Council Of Elders

March 20, 2023

FIRS Feast Of MoU Snaps UK Counterpart

March 18, 2023
Guinea Insurance Sets For Return To Profit Turf

Guinea Insurance Sets For Return To Profit Turf

March 18, 2023
Image Spin: Farewell For Omolola Adekunle Bankole

Image Spin: Farewell For Omolola Adekunle Bankole

March 17, 2023
Seplat Energy Says Allegations Against CEO, Board Untrue, Misleading

Seplat Energy Says Allegations Against CEO, Board Untrue, Misleading

March 16, 2023
Transactional Risk Insurance Now Mainstream Product – Report

Transactional Risk Insurance Now Mainstream Product – Report

March 15, 2023
Over 2,100 RSA Holders Make Maiden Dash For Transfer Window

PenOp Creates Bastion Of Effective Leadership For Pension Professionals

March 14, 2023
Allianz Combines Commercial Insurance Divisions

Allianz Combines Commercial Insurance Divisions

March 14, 2023
Preferred PenCom Logo

PenCom Knocks Lagos For Consistent Failure To Pay N2bn Monthly Commitment To Retirees

March 13, 2023
Guinea Insurance Takes The Stride Of Fresh N900m Capital

Guinea Insurance Takes The Stride Of Fresh N900m Capital

March 9, 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

NAICOM Head office

Insurers Claims Paid In 2022 Q4 Increases By 18%, N244.3bn Obligation To Customers

March 24, 2023
NAICOM Regulation Stirs Clear Of Wild Spin Focuses On Mid-Point With Policyholders And Operators

Nigeria’s Insurance Industry Gross Premium Muscle Lifts N776.2bn To Closs 2022

March 23, 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