One of the highlights of the address of the National Insurance Commission NAICOM at the opening of the 2026 Insurance Week was the clarion call to reposition the insurance industry for the future. With a chopper view of the industry the Commissioner for Insurance, Olusegun Omosehin, armed with a full grasp of where the gaps are in the market despite the rising incidents of good beeps picked up from insurance operations, put up a round the industry speech to be used as a working paper to transform the industry.
With the focus on the future, Omosehin knows that the future is not an empty space but inhabited by citizens who are growing into it with their minds and hands on different ploughs that will be different somewhat from today’s tools, and if it has to be same it will certainly be of vastly upgraded dimension. So, its a future of persons and endeavours that will require insurance, and the best time to prepare is now for the digital natives who will hold the ace largely then.
His clarion call, “The future of Nigeria’s insurance industry rests in our hands as practitioners. We stand at a defining moment, charged with opportunity, laden with responsibility, and demanding decisive action.” From the content in the address of the Commissioner for Insurance, there are gaps in the operations of insurance and the current state of affairs in the market will deny the industry a clear direction for the future.
Contents that has so far been assembled he cleared without ambiguity fell short and should be a full content box for the good of all. “Let us rise to it with deliberate purpose: to raise our voices, proclaim our worth, give voice to our relevance, and break the silence that has held us back.”
As the industry transits from the current space to the future which would be bare without grey areas, NAICOM helmsman offers several antidotes for gaps closure. “We must elevate public awareness to a national priority. We must deepen collaboration across the industry. We must strengthen accountability and transparency. And above all, we must remain steadfast in our commitment to reform.”
Firm with the assertion that pubic engagement at present lacks the needed bite to earn public insurance embrace, the Commissioner insists more has to be done, “given the increasing complexity of today’s economic and risk environment, the need to bring insurance closer to the people has become even more compelling.”
Not to be seen as voicing what it does not uphold, he props up the Commission’ effort in this regard, “At the National Insurance Commission, we regard public awareness not as a peripheral activity but as a core strategic priority. The success of insurance in any economy is fundamentally anchored on the level of public understanding,trust, and acceptance. Without awareness, there can be no demand. Without understanding, there can be no trust. And without trust, sustainable growth cannot be achieved.
The deluge of gaps births this Commission charge, “We must therefore rethink and reposition our communication strategies. Public awareness campaigns must move beyond generic messaging and evolve into more targeted, relatable, and sustained initiatives.We must communicate in languages people understand, through platforms they trust, and using real-life scenarios that resonate with their everyday experiences.”
Aiming for what insurance stand for now and in the future, the CFI said, “It is not enough for people to simply know that insurance exists – they must understand how it works, why it matters, and how it can protect their lives, assets, and aspirations.”
Resource persons in recent insurance events have raised the banner of trust and transparency as absolute factors to reposition the sector now and in the future. One of such resource persons was Pastor Patrick Odi Arah, a chartered accountant and managing consultant. At the investiture of the current President Institute of Loss Adjusters of Nigeria, he said, “The subject of trust and transparency in insurance is so timely and so important. Trust is the foundation of insurance. Insurance is built not merely on contracts, policies, and documentation, but on confidence.
“Transparency, on the other hand, is the bridge between trust and accountability. Without transparency, trust becomes weak. But with transparency, trust becomes real, visible, and enduring. It is through transparent processes, ethical conduct, and fairness in assessment that confidence in the insurance ecosystem is sustained,” he stated.
From the regulator’s stand, Commission makes it clear that achieving meaningful and lasting impact requires collective action. The Commission and operators working in tandem to strengthen confidence in the industry.
He identified a point where urgent surgical operation is needed – product on offer by the insurance companies. Omosehin said the industry has historically been criticised for perceived disconnect between product offerings and the actual needs of policyholders; where there is a perception that insurance companies only sell what has been produced, rather than producing what can be sold. This perception must change, and that change must begin with how products are conceived, designed, and delivered.”
Demanding a complete overhaul, the CFI said, “Insurers must deliberately transition from a product-centric approach to a customer-centric model. This entails actively involving clients in the product development process seeking their input, understanding their expectations, and designing solutions that align with their real-life needs.
“When clients are actively engaged in product design, several positive outcomes emerge. Products become more relevant and accessible, and, most importantly, trust and ownership are significantly enhanced,” he stated.
Another critical dimension he mentioned, is the role of technology in driving transformation within the insurance sector. “Digital platforms, data analytics, and emerging technological innovations present unprecedented opportunities to enhance efficiency, improve customer experience, and expand access to insurance services.
He gives more insight, “Insurtech solutions can simplify onboarding processes, streamline claims management. They also offer the potential to bridge geographic and socio-econoic gaps, making insurance more accessible and affordable.
Placing caution ahead of deployment, the Commission said, “However, technology must be deployed responsibly. It must enhance trust, not undermine it. Issues of data privacy, cybersecurity, and ethical responsibility must remain central to our digital transformation agenda.”
With emphasis on the future which would be largely tilted on the GenZ, the Commission moved several steps more by licencing the first insurtech company and this by its creation would be a digitised firm that explores the needs of this public that will redefine insurance offerings. Employ Artificial intelligence for instant 24/7 customer service and faster claims settlements. This demographic which will put a bulging demand on insurance needs will challenge the digitised compliance of not only the current insurtech firm and other that would join with time, but also the traditional insurance companies that are investing in the digital space to reshape the insurance industry on the wheels of trust and transparency.
Establishing an industry for today and the future was also in focus at the inauguration of the Insurance Policyholders’ Protection Fund Committee and one of the objectives was transparency and accountability; strictly maintain clear reporting and high governance standards so that industry stakeholders and the public can trust the committee’s decisions.
It is evident that the regulator, practitioners and stakeholders are poised to reform the industry for today’s insureds and create a highway that the next generation that should have insurance laced into their endeavours, would be involved with an industry that meets their expectations because they work in tandem and are offering them the products that have their input and not what the insurance operators think they should purchase as policies.
