NAICOM Deploying ICT To Drive Nigeria’s Insurance Industry Growth

Yemisi Izuora

The National Insurance Commission, NAICOM has identified investment in technology as key to promoting sustainable growth in the industry.

The Commission, having understood the role of information technology in transforming the sector, has continued to adopt new technologies to break new market opportunities for the industry.

Speaking on the regulator’s technical perspective, at the maiden edition of the Chartered Insurance Institute of Nigeria’s (CIIN) programme tagged ‘Insurance Industry Parley’ in Lagos on Tuesday the Head IT Department of NAICOM, Mr. Abiodun Aribike, disclosed that the insurance regulator; NAICOM is using Information Technology to drive sustainable insurance in Nigeria.

Aribike stated that the Commission in partnership with the Financial Sector Deeping Africa (FSD) Africa recently launched the Risk, Resilience and Regulatory Laboratory (R3Lab) in Lagos to ensure this purpose is achieved.

He added that the initiative is aimed at mitigating the impact of specific challenges bedevilling the insurance regulatory environment in Nigeria as well as to explore ways in which collaboration, technology and insurance supervisory capacity building can improve the regulatory effectiveness of Africa’s insurance industry.

“The R3Lab offers a three-tiered approach towards buildng the technical capacity and skills of the regulator on innovation and sustainable insurance,” he said.

Also, the Head, Retail Solutions, Axa Mansard, Mrs. Rashidat Adebisi, emphasised the need for operators to start working on sustainability for the future by shifting their focus from investing in just oil revenues to gas, as gas is more sustainable.

“The world is currently shifting away from oil. We need to start investing in gas which is more sustainable and greener. We need to take actions on sustainable goals as this helps the environment to be save. I urge everyone here to start and lead the sustainable goals conversations in their various companies because sustainability is key”, she expressed.

Speaking also at the forum, Alhaji Saheed Egbeyemi of Hogg Robinson Nigeria Limited, noted that opportunities abound for the sector to tap into and flourish but the issues of rate cutting and unhealthy competition have to be addressed.

He added that underwriters and brokers need to collaborate more to push the tenets of sustainable insurance.

Former President of the Institute of Loss Adjusters of Nigeria (ILAN), Mr. Ralph Opara, representing the loss adjusters, ILAN is doing a lot to ensure sustainability because the arm remains the life wire of the insurance value chain.

Rector, College of Insurance and Financial Management (CIFM), Dr. (Mrs.)Yeside Oyetayo, said ESG risks are now a criteria to determining a company that is sustainable hence, trainings and programmes on sustainable risks need to be factored into the insurance industry academic curriculum and the industry needs to collaborate with other sectors.

Equally, the Managing Director and the Chairman of the occasion, Mr. Olusegun Omosehin, emphasised that collaborations and innovation are the way to go for the industry as regards sustainability.

“Opportunities are before us as underwriters so we need to transition into green insurance so we can sustain the businesses and future of insurance in Nigeria”, he said.

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