NAICOM, Insurance Industry Set For Transformation With New Digital Portal

The operations of the National Insurance Commission (NAICOM) and the insurance industry are set for transformation with the completion of a new digital portal by the Commission.

The Commissioner for Insurance and Chief Executive Officer of NAICOM, Sunday Thomas, disclosed this on Friday at the 2020 Seminar for Insurance and Financial journalists in Uyo, Akwa Ibom State.

Thomas, who was represented by the Deputy Commissioner for Insurance (Technical), Sabiu Abubakar, said the new digital portal of the commission will enable it track day to day transactions and activities of operating companies within the industry for proper monitoring and enforcement.

Thomas said, “The digital portal is ready and will be launched soon. Regulation and supervision of the industry will be real time and more efficient when the digital portal is deployed.

“The portal has been in the works for six years but was finally concluded recently as part of ongoing reforms by the present management at the Commission.

“When the new portal is launched, information on Nigeria’s insurance industry will be available wherever anybody is in the world at the click of a button.”

The commissioner for insurance stated that NAICOM has sensitised the technical people and industry operators on the new digital portal through series of trainings.

He added that insurance transactions and filing of reports by industry operators are no longer going to be historical.

InsideBusinessNg can recall that NAICOM had on September 30 completed a three-week training for the operators of the insurance industry on the new digital portal.

Insurance industry operators are expected to file their reports and data online through the digital portal when it becomes operational.

The portal is expected to capture every insurance contracts with the value from all customers of all the insurance institutions comprising underwriters, brokers and loss adjusters in the country.

Operators have described the new digital portal as the “game changer” as it is expected to bolster transparency and accountability in the industry as well as have a complete data of insurance consumers in the country.

On compulsory insurance policy, Thomas said the commission is partnering state governors towards driving the policy.

He urged the governors to domesticate compulsory group life insurance and other insurances in their states.

“The commission is working with the Nigeria Governors Forum through its Chairman and Governor of Ekiti, Kayode Fayemi, to prevail on fellow governors to assist in driving the compulsory insurance policy.

“We want them to create a structure for the enforcement of the compulsory insurances,” the commissioner of insurance said.