Thomas, NAICOM boss drives market to deepen insurance penetration

It is amazing to observe the activities of the Commissioner for Insurance and CEO, National Insurance Commission, (NAICOM), Olorundare Sunday Thomas, since he was appointed one year and few months ago. He has lived to his promise to drive insurance business in Nigeria most especially to deepen insurance penetration to all nooks and crannies in Nigeria.

To fulfill this promise, he said recently that the Commission has rolled out a five point strategic plan as spring board to realise the target objectives.

For instance, the 2021-2023 strategic plan has five goals designed to entrench effective and efficient service delivery system, ensure safe, sound and stable insurance sector, that adequately protect policyholders and public interest, improve trust and confidence in the insurance sector and encourage innovation and promote insurance market development.

In furtherance of this strategic plan, a source at the Commission told AssurPen Online that the era where insurance claims payment process are done in secret by underwriting firms was over as the Commission has developed a portal that will enable the Commission to monitor real-time how insurers process all claims filed by policyholders.

Deputy Director, Information Technology of the Commission, Abiodun Aribike, said at a seminar organized by the Commission in Lagos for insurance and pension Editors that the portal would help record notified claims and settlement, adding it is designed to drive the core business process of the insurance industry with the benefits of efficient service delivery with quick turn around time, eradicate fake insurance policies, improve public trust and confidence in the industry.

Also, the market umbrella for the underwriting companies, the Nigerian Insurers Association (NIA), in support of the Commission drive to restore confidence of consumers in the insurance business, the leadership of the association took action to enforce discipline among member firms to operate according to the dictates of insurance principles.

To demonstrates to members of NIA that they are here for business, the new leadership of the association fired the first shot by expelling three members from the association for claims payment default, As a result, other members are scrambling for cover to show that underwriting companies keep faith with the promises they made to policyholders.

Besides, Thomas disclosed that the Commission is currently engaging State Governments to draw them closer and bring the gospel of insurance to their door steps.

To further the course of his desire to bring the benefits of insurance as good business partner to the Micro, Small and Medium Enterprises (MSMEs), the NAICOM boss, addressing over 300 delegates of MSMEs members in Lagos, the fourth in the series of sensitization workshop on the importance of insurance to all categories of businesses, said “the good thing of our message to the MSMEs is insurance will provide the shock absorber to withstand any unforeseen calamities when they do occur and help reinstatement of businesses.”

The delegates which includes top officials of the Lagos State Government, insurance companies, brokers, and agents, Thomas said “NAICOM is committed to our mandate of providing diligent oversight to the insurance sector towards ensuring prompt settlement of genuine claims when insured event occurs.

“I dare say that the MSMEs sector is too important to be neglected as it is key to economic development of the nation and thus must be guided and protected against failure”.