NAICOM task operators on digitization

The National Insurance Commission (NAICOM), Mr Olorundare Sunday Thomas, has called on insurance operators to upscale their digitalization process and ensure it is in tandem with the Commission’s portal requirements.

Commissioner for Insurance, Sunday Thomas, stated this at the Insurance Professionals’ Forum, organised by the Chartered Insurance Institute of Nigeria (CIIN) in Abeokuta, Ogun State.

Thomas urged insurance companies that are yet to align with its portal requirements to as a matter of urgency comply as the Commission may not be able to wait forever for them.

He said the insurance industry is currently lagging and needs to reassess its business model, re-evaluate its strategy and make the digital agenda a high priority.

“If this is not done it will be difficult to deliver on customers’ expectations and new entrants, Insurtech Companies and leading digital competitors will take advantage of this weakness. It is time for Insurers to evolve and do the needful.

“This will require a different set of skills, culture and operating model,” he said.

Thomas noted that no technology age does not have its challenges, stressing that there would be challenges faced by the industry in the digital environment such as; meeting the demands of the multi-generation customer bases.

He asserted that the fast-changing digital space, systems and technologies; would lead to the need to reduce cost; data reliability; legacy technology; workforce training; fraud, dealing with the on-demand economy and others.

He said the Commission is desirous of a fully digitized Industry, adding that the COVID-19 pandemic has accelerated the adoption and the use of digital technologies in the Nigerian Insurance sector.

“To this extent, On 1st September 2021, the NAICOM Portal was successfully launched. To ensure effective and efficient utilization of the Portal, the Commission directed all Operators to Integrate, connect and upload five (5) years of historical data of all policies issued from 1st January 2016 to NAICOM Portal on or before 1st March 2021,” he added.