NAICOM Takes On Productivity Strategy To Grow Insurance Industry 

..Train Brokers For Efficiency

Yemisi Izuora

Nigeria’s insurance regulator, the National Insurance Commission, NAICOM, has taken bold steps to help insurance companies improve on productivity.

The NAICOM, is fast tracking digitisation strategies that will help insurance growth through elimination of fake insurances in the country.

The agency has further improved on its new portal to transform the sector and improve insurance penetration.

Abiodun Aribike, the Deputy Director in charge of Information Technology in NAICOM, made the disclosure at a seminar for insurance journalists, with the theme: “Digital Transformation of the Commission and Market Development Initiatives,” on Friday in Uyo, Akwa Ibom State.

He said the strategies, which would be made available through the portal, would help to reduce incidences of fake insurance, improve productivity and revenue in the industry.

Aribike, in a lecture with the title: “Digital Transformation of NAICOM’s Processes and Procedures,” said the commission had also begun training of stakeholders in the sector to effect the digital transformation.

He said the digitisation strategy would help the people to source information about insurers to check their genuineness.

He said: “I am here to show you what we are going to do.

“We have trained staff of brokers in the South West and we want to train those in the South South, South East for them to join the portal.

“This will improve productivity, enhance stakeholders’ collaboration, trust and resource management.”

He noted that the digital system would aid easy approval of licensing for insurance companies and tracking of insurance related complaints by policyholders.

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