Abuja, Nigeria (CU)_ The National Insurance Commission (NAICOM) has announced that it is prepared to penalize any insurer that does not post daily operating transactions on the regulatory portal or that has a large backlog of unresolved claims in the industry.
Sunday Thomas, Commissioner of Insurance, highlighted the concern during a presentation at the 2022 Business Outlook Programme that was hosted by Chartered Insurance Institute of Nigeria (CIIN). He also noted that the insurance sector is lagging behind. He stated that the business model must be reconsidered, the market strategy must be re-evaluated, and the digital agenda must be prioritized before the industry contributes its full quota to the economy. He said, “To get this done in the industry, it will require a different set of skills, culture and operating model”.
Thomas stated that each technology era has its own set of issues, emphasizing that the sector would face new obstacles in the digital era too. According to him, the difficulties include addressing the expectations of a multigenerational consumer base. He emphasized that the rapidly changing digital environment, systems, and technologies will necessitate cost savings, data dependability, legacy technology, and employee training. According to him, the commission desired a completely digitalized sector and noted that the COVID-19 outbreak enhanced the acceptance and usage of digital technology in the industry.
Thomas spoke about the portal and its operations. He stated, “To this extent, on September 1, 2021, the regulator launched the portal and directed the effective and efficient utilization of the portal by all insurance companies who were directed to integrate, connect and upload five years historical data of all policies issued from January 1, 2016, and before March 1, 2021. But today many of the operators are yet to upload their daily transactions much less their previous years’ records”.
