Digitalization of insurance industry: NAICOM to release IT guidelines
From left: Deputy Commissioner, Technical, NAICM, Sabiu Bello Abubakar; Director, Research, Statistics and Publications, Alhaji Adamu Balanti and Head, Corporate Communications & Market Development at the event (Photo: inspenonline)
The National Insurance Commission (NAICOM) as part of its plans to raise the bar of the industry’s operations and processes to the global standard has put in place a real-time digital platform to drive the process and is presently training insurers for seamless takeoff.
Disclosing this on Thursday during a seminar organised for insurance journalists in Uyo, Akwa Ibom state, the Commissioner for Insurance, Sunday Thomas, said, the commission will soon release the Information and Technology (IT) guidelines that will standardize the industry’s digitalization process.
Thomas said the portal, which was in the works for six years, was finally concluded recently as part of ongoing reforms by the current management at the commission.
He said the new portal was such that wherever anybody is in the world, information on the nation’s insurance sector would be available to him at the click of a button.
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 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.”
The commissioner, while reaffirming that the commission would boost the recent confidence President Muhammadu Buhari reposed in the insurance sector, said this administration in NAICOM would not fail Nigerians, adding that over time, the management had been able to stabilise the commission through the cooperation of staff.
He said: “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, he 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 rededication towards driving the Compulsory Insurance policy, he said it was not enough to sit in Abuja and expect the process to succeed, stating that the Commission will continue to engage the state governments and other relevant agencies in this regard.
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.
