NAICOM to sustain FG’s renewed confidence in insurance

…unveils real-time digital portal

Following the confidence recently expressed by the Federal Government in the nation’s insurance industry, the management of National Insurance Commission (NAICOM) has promised to sustain the tempo in order to make insurance occupy its rightful place in the economy.

Disclosing this on Thursday during a seminar organised for insurance journalists in Uyo, Akwa Ibom state, the Commissioner for Insurance, Mr. Sunday Thomas, reaffirmed that the commission would not disappoint Nigerians as a way of sustaining the confidence President Muhammadu Buhari recently reposed in the sector following its contribution to the fight against COVID-19.

“We will continue to relish the president’s appreciation of the industry,” Thomas said.

The seminar with the theme, “Digital Transformation of the Commission and Market Development Initiative,” also provided an opportunity for the commissioner to disclose the commission’s next level commitment as it has put in place a real-time digital portal to drive the industry.

He said the portal, which was in the works for six years, was finally fixed recently as part of ongoing reforms by the current management at the commission.

According to him, “we will be looking at the digital world. Part of what we have done so far is the fact that our portal that was on the drawing board for over six years has been fixed. It is taking us from where we are to the next level.

“We have sensitised the technical people in the industry and they have been going through a series of training.

“The next thing we are going to do is to engage the industry with IT guidelines. It is no longer going to be historical reporting.”

While reflecting on the nation’s 60th Independence celebration, he said it was not a coincidence that the seminar was being held on the same day, adding that the commission was open to objective criticisms for correction to further drive the industry and contribute more to the economy.

“We want to be seen the way we are so we know where to make amends. NAICOM is an agency of the Federal Government and has the responsibility to make some impact on the economy.

“If there is a need for change let us know and if there is a need for me to explain I will not hesitate to do that.

“We have challenges ahead of us but we are determined to overcome those challenges.

“We try as much as possible to let investors, government and stakeholders into our programmes.

“The terrain is tough but we are determined to succeed. Nigeria is not by accident the largest economy in Africa. We must take advantage of the population.

“There are a lot of things to fast track the process. The digital world will drive regulation,” he noted.

Thomas, who acknowledged that the management had been able to stabilise the commission through the cooperation of staff, said NAICOM was determined to make a difference as there will be no hindrance to information dissemination.

Speaking on the commission’s rededication towards driving the Compulsory Insurance policy, he said it was not enough to sit in Abuja and expect the process to succeed.

He said it was on this ground he took out time recently to visit the Chairman of Nigerian Governors’ Forum (NGF) and Ekiti State Governor, Mr. Kayode Fayemi, to prevail on his colleague governors to assist in driving the compulsory insurance policy.


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