NAICOM Creates Digital Portal to Drive Insurance Sector

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Ebere Nwoji

The National Insurance Commission (NAICOM) said it has successfully put in place a real-time digital platform that will drive activities in the insurance sector.

According to the commission, the portal, which was in the works for six years, was finally concluded recently as part of ongoing reforms by the current management of the commission.

Disclosing this at a media retreat organised by the commission at the weekend for journalists in Uyo, Akwa Ibom state, the Commissioner for Insurance, Mr. Sunday Thomas, said, over time, the management had been able to stabilise the commission through the cooperation of staff.

He said the new portal is such that wherever anybody is in the world needs information on the nation’s insurance sector, it would be available to him at the click of a button.
“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 series of trainings.
“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,” Thomas said.

He said the commission would take advantage of the recent confidence President Muhammadu Buhari reposed in the insurance sector.
“It is not by coincidence that we are having this conference today that we are marking 60th anniversary as a nation.
“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. We will continue to relish the president’s appreciation of the industry.”
Acknowledging that the investment climate was tough, Thomas, said the commission was determined to make a difference as there will be no hindrance to information dissemination.

“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 pointed out.

Speaking on the commission’s commitment towards driving the compulsory insurance policy, Thomas, said it was not enough to sit in Abuja and expect the process to succeed.
He said it was on this ground that 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.

He said promoting the compulsory insurance was one of the objectives the commission set to achieve with the market development initiative.
Also speaking, Assistant Director and Head Market Development of NAICOM, Mr Adeyemi Abubakar, in his paper titled “Market Development Initiatives of the Commission and the Role of Media,” said the theme of the year’s retreat was, “Digital Transformation of the Commission and Market Initiatives.”