Digitalization: NAICOM Tasks Operators On Portal Alignment
Mr Olorundare Sunday Thomas
The Commissioner for insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Mr Olorundare Sunday Thomas, has called on insurance operators to step up their digitalization process and ensure alignment with the Commission’s portal requirements.
Thomas, who was speaking at the ongoing Insurance Professionals’ Forum, organised by the Chartered Insurance Institute of Nigeria (CIIN) in Abeokuta, Ogun State, urged insurance companies that are yet to align with its portal requirements to do so, that the Commission may not be able to wait forever for them.
He said the insurance industry is currently lagging behind and needs to reassess its business model, re-evaluate her 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 there is no technology age that does not have its own 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 submitted 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 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. In order to ensure effective and efficient utilization of the Portal, the Commission directed all Operators to: Integrate, connect and upload five (5) years historical data of all policies issued from 1st January, 2016 to NAICOM Portal on or before 1st March, 2021,” he posited.
