The National Insurance Commission (NAICOM) has disclosed that its new digital portal is designed to ensure greater accountability and transparency in the insurance industry.
The digital portal, which is expected to be operational in a few weeks, will drive the core business processes of the Nigeria Insurance Industry.
NAICOM’s Deputy Director, Information Technology, Abiodun Aribike, explained that the digital platform will provide a single point of contact between the regulator and the insurance industry such as insurance policy system, licensing system, core business processes of registration/renewal of licenses, new product, and AIP & attestation approvals.
Aribike, in a presentation at a seminar for insurance journalists in Uyo, Akwa Ibom, stated that the digital portal will further facilitate service efficiency with quick turn around time, eradicate fake insurance policies, and improve public trust and confidence in insurance.
“Other benefits of the digital portal include: deepening of insurance penetration, provision of access to statistical data of the Insurance Industry, and streamlining approval processes for registration and renewal of licenses etc,” Aribike said while giving a lecture on “Digital Transformation of NAICOM’s Processes and Procedures’’.
He stated that the Commission has begun training of stakeholders in the insurance sector on the digital portal and transformation.
“NAICOM is about procuring a Complaints Management System that will serve as a platform to manage end-to-end complaints process.
“This will help in handling, managing, and responding to stakeholders’ complaints. The Software will also help streamline the approach and provide constant monitoring to ensure faster resolutions.
This will enhance stakeholders’ satisfaction, increase claims payment and deepen the Insurance penetration,” he said.
NAICOM’s Head of Takaful Insurance, Zubairu Darazo, made a presentation at the insurance seminar on “Insurance Development in Nigeria: The Financial Inclusion Option”.
Darazo said the Commission will pursue the goal of achieving the target of 40 percent adult population penetration through a broad range of coordinated interventions.
He highlighted some of the interventions to include:
* Provide enabling environment and framework for the excluded and low-income population to participate and benefit from insurances through the development of legal and regulatory frameworks on Takaful and Microinsurance;
* Liberalization of insurance intermediaries: referral agencies and new insurance agents, define and implement insurance literacy programmes.
* Enforce quick settlement of claims and sanctions for infractions (establishment of a dedicated department complaints bureau in the Commission),
* Incentivize insurance companies to develop micro-insurance products, takaful insurance and index-based insurance products to serve low-income/rural individuals.
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