The National Insurance Commission, (NAICOM), is forging ahead with a tripod policy that focuses on securing space for the financially excluded by promoting the development of products that addresses their needs; second, keep the automation and digitisation of the Commission on track and a tag team of actuarial capacity development programme and risk based supervision regime.
Commissioner for Insurance, Mr. Sunday Thomas made this known while speaking at a seminar for insurance journalists in Lagos at the weekend on the theme, “The Future of the Nigerian Insurance Sector in a Shifting Landscape,” Thomas said: The Commission is promoting the development of products and business models that meet the needs of the financially excluded group while ensuring automation of the Commission’s processes with a focus on actuarial capacity development programme and risk-based supervision regime.
He explained the Commission focus of the excluded, “the insurance sector plays a vital role in financial inclusion because it reduces the poverty line, assist people to manage their risk and protect them from the negative adverse effect of any unforeseeable circumstances as well as increases access to other financial services.
“In today’s modern business environment, disruption plays an integral part of any business, hence innovation being implemented by the Commission is geared towards gaining control of a specific segment of the market that has been left untapped by encouraging the introduction of products tailored to the consumers in order to grow insurance businesses,” he stated.
He said the current phase of disruption of businesses demands rejuvenation, “calls for the Nigerian insurance sector to develop innovative products and distribution channels, embark upon massive infrastructural development, improvement in social safety nets scheme, rejig business continuity plans and general deployment of technology to meet the expectation of today’s consumers and create new experiences that add value.”
The NAICOM boss said the Commission is experiencing a new dawn in all facets of regulatory policies, leveraging technological innovations, and involved in a positive paradigm “and poised to meet the anticipated surge in the demand side of the economy.”
In its recent steadfast policy to develop the insurance market especially in virgin states, Thomas said that the Commission is engaging stakeholders including state governments towards ensuring the domestication of the laws to ensure compliance with compulsory insurances and improve the business of insurance in their respective states.