NAICOM rolls out 3-Year Plan to Energise Insurance Sector.
The National Insurance Commission (NAICOM) has rolled out a three-year plan to energise the insurance sector of the economy.
The strategic plan, according to the insurance regulator will run from 2021 to 2023.
Speaking at an insurance seminar organised for journalists in Lagos, the Head, Strategy and Special Duties, (NAICOM), Usman Ibrahim Jankara, revealed in a paper – ‘Corporate Strategy of the Commission 2021- 2023: Goals, Objectives and Deliverables’, noted that that strategic plan will deliver a safe, stable, and strong insurance industry capable of meeting the test of time.
According to him, the plan is targeted at ensuring that insurance firms are adequately capitalised, effectively managed and regulated.
He posited that the regulator’s effort will strengthen the firms and other stakehokders in the sector to fight against money laundering while ensuring that competition among firms are on product offering.
Meanwhile, the regulator’s Head of Information Technology, Mr Abiodun Aribike, in his paper presentation titled ‘NAICOM’s Digital Transformation, Progress So Far’ described digital transformation as enforcing effectiveness, efficiency and cost reduction.
According to him, this means replacing manuals with digital operation to ensure time-saving and encourage innovation.
He noted that the commission had upgraded its portal to eradicate fake insurance and deepen insurance penetration.
Aribike added that the commission would continue to upgrade its technology to meet with global trend in the industry.
The Chief Executive Officer and Commissioner for Insurance, Sunday Thomas, represented by the Deputy Commissioner, Technical, Sabiu Abubakar, said the Commission has finalised arrangements to unveil reforms, strategic plans, digital and market development that would transform the industry.