By Adedapo Adesanya
The Commissioner for Insurance and Chief Executive Officer of National Insurance Commission (NAICOM), Mr Olusegun Omosehin has urged the insurance players to embrace innovation to meet up with the market trend and boost penetration in the country.
He gave this during his keynote address at the 21st edition of the Insurance Professionals Forum in Abeokuta, Ogun State, over the weekend.
He said the insurance sector must come up with products that meet the demand of the market as innovations have become the driving force in the financial services sector.
Mr Omosehin, who was represented by the Deputy Commissioner for Insurance, Finance and Administration, Mr Ekerete Ola Gam-Ikon, said the commission was prioritising the issue of accessibility to insurance products across the country and was keen on increasing penetration
According to him, “The conduct of insurance practitioners in building and maintaining the trust of consumers is our primary responsibility, and that will galvanize growth and deepen penetration in the country.
“The rapid changes in the business environment and adoption of effective strategies to meet up with current realities are veracities that cannot be ignored. It is in light of this that the Commission crafted and developed its 4-year Strategic Plan (2024 – 2027) which took into cognisance the strategic imperatives from the industry transformation roadmap as well as the current macroeconomic realities in Nigeria as a whole.
“Cognizant of its role in the transformation agenda of the insurance sector, the Commission has set out 5 priority areas for immediate implementation which include; safeguarding policyholders and improving confidence in the Industry, strengthening our supervisory capabilities and organizational effectiveness, improving safety and soundness of the Nigerian insurance industry, fostering innovation and sustainability of the Nigerian insurance industry, and enhancing overall insurance accessibility and penetration in Nigeria.
“The policy thrusts of the commission’s new administration will thrive on the above priorities which will in turn shape the direction of regulation in the industry. One of the enshrined and fundamental responsibilities of the Commission as a regulator is the protection of policyholders, hence the Commission has placed significant premium on prompt settlement of all genuine claims.
“Whilst I do not intend to preempt the content of the papers to be presented by various speakers, I however strongly believe that the most appropriate strategy for awareness creation is a complete change of mindset on the administration and settlement of claims, prioritising our client’s needs, treating them fairly, with utmost transparency, and timeliness, too.
“Another key area of correlation between the industry roadmap and the commission’s Strategic Plan is the transformation of the regulatory environment. The Commission is undergoing structural and administrative reforms to ensure organisational and operational effectiveness. These reforms are expected to impact all aspects of our operation as a regulator.
“The Commission has created a new Directorate for innovation and regulation. It is our belief that we cannot achieve different results whilst doing the same things and that is why our current structure reflects the dynamism and realities of current regulatory requirements.”
He added that the commission strategy was based on a strong corporate governance culture in all entities, noting that the commission will always advocate the importance of strong Corporate Governance practices in the survival of business entities.
“The quality of the strategies and decisions made on behalf of those entities would determine how far they can go and how strategically positioned they will be in the sector’s contribution to national output,” he quipped.