NAICOM Outlines Strategic Transformation Roadmap For Insurance Sector
Oluwakemi kindness
In the face of rapid changes in the business environment and adoption of strategies to meet current realities, the National Insurance Commission NAICOM has crafted a 4-year Strategic Plan (2024 – 2027) to serve as roadmap for the industry.
The 4-year Strategic Plan consists of 5 priority areas for immediate implementation which include; safeguarding policyholders and improving confidence in the Industry, strengthening it supervisory capabilities and organizational effectiveness.
Others are improving safety and soundness of the Nigerian insurance industry, fostering innovation and sustainability of the Nigerian insurance industry, and enhancing overall insurance accessibility and penetration in Nigeria.
National Commissioner for Insurance, NAICOM, Olusegun Ayo-Omosehin, hinted of this in Ogun state during a Forum of the Chartered Insurance Institute of Nigeria CIIN stressed that the policy thrusts of the Commission’s new administration will thrive on the above priorities which will in turn shape the direction of regulation in the industry.
Represented by the Deputy Commissioner for Insurance, Finance and Administration, Ekerete Ola Gam-Ikon, the NAICOM boss said another key area of correlation between the ‘industry roadmap’ and the Commission’s Strategic Plan is the transformation of the regulatory environment.
“The policy thrusts of the Commission’s new administration will thrive on the above priorities which will in turn shape the direction of regulation in the industry”.
Ayo-Omosehin, also noted that one of the enshrined and fundamental responsibilities of the Commission as a regulator is the protection of policyholders, hence the Commission has placed significant premium on prompt settlement of all genuine claims.
“Whilst I do not intend to pre-empt the content of the papers to be presented by various speakers, I however strongly believe that the most appropriate strategy for awareness creation is a complete change of mindset on the administration and settlement of claims, prioritising our clients’ needs, treating them fairly, with utmost transparency, and timeliness, too”.
“Dear professionals, strong financial base is key to our success as an industry. As a Commission, we have resolved to pursue, as a priority, the safety and soundness of our regulated entities”.
“Remember the words of Benjamin Franklin: “one rotten apple, spoils the barrel”. We are all witnesses to what this has caused us as an industry and are now more determined to rid ourselves of that cankerworm”.
“Innovation and sustainability are some of the major emerging issues today. The insurance sector must embrace innovation to meet up with the rapid market changes, changes in consumers preference, tastes and lifestyle”.
“We must develop products that meets the demands of our market as innovation have taken the driving force in the financial services sector”.
