NAICOM turns insurance industry to digital compliance

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By Favour Nnabugwu

National Insurance Commission (NAICOM) is resolute about turning the country’s insurance sector into practical entity through information technology to drive the process.
The portal, which Commission put in six years to finalised under the Commissioner for Insurance (CFI), Mr. Sunday Thomas’s watch, revealed at the 2020 seminar organised for insurance journalists in Uyo, Akwa Ibom state pointed out that the  management was able  to stabilise the commission through the cooperation of staff.
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.
“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.
The CFI said, “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 noted that  commission would continue to enhance the  confidence President Muhammadu Buhari reposed in the insurance sector while he assured that Nigerians would not be disappointed in the industry.
According to him, “It is not by coincidence that we are having this conference today that we are marking 60th anniversary as a nation.
He reassured, “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.
He insisted that he is not a CFI that waits in the and expect things to fall into places,  based on the position, the Commission visited 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.
Without mincing words, he said that the investment climate was too friendly, inspire of that he said that the commission was determined to make a difference as there will be no hindrance to information dissemination.
“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 posited.
“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,he charged Insurance Journalists.

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