NAICOM develops portal to ensure accountability, transparency in industry

The era of fradulent practices in the nation’s insurance industry that has dented the image of the sector in the eye of stakeholders, government and the insuring public may very soon come to an end.

Specifically, the cheery news is that the industry regulatory authority National Insurance Commission (NAICOM) has developed NAICOM Portal to monitor operation in the industry to ensure greater accountability and transparency in the market place.

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The Deputy Director (IT) Mr Abiodun Aribike, disclosed this at a seminar organized by the Commission for insurance journalist in Uyo, Akwa Ibom State recently on the theme “Transformation of Naicom’s processes and procedures” said NAICOM is using information technology to drive the supervision, regulation and governance of insurance business in Nigeria.

He said “In line with the commitment of the National Insurance Commission (NAICOM) of using information technology to drive the supervision, regulation and governance of insurance
business in Nigeria, it has developed the NAICOM Portal to provide a direct interface with the industry to ensure greater accountability and transparency.

The NAICOM Portal is a digital platform that is designed to drive the core business processes of
the Nigeria Insurance Industry with the attendance benefits of:

• Service efficiency with quick turn              around time,
• Eradication of fake insurance policies,
• Improve Public Trust and Confidence        in insurance
• Deepen Insurance Penetration,
• Provide access to statistical data of the      insurance industry,
• Streamlined approval processes for          registration and renewal of Licenses etc.
The digital Platform will provide a single point of Contact between NAICOM and the insurance industry.
The NAICOM Portal comprises of the Insurance Policy System, the Licensing System and the Regulatory and Financial Returns system.
The Insurance Policy System captures all insurance policies issued in Nigeria.
The Licensing System automates the Core Business Processes of Registration/Renewal of Licenses, New Product, AIP & Attestation Approvals.
The Regulatory and Financial Returns System is still at the Conception Phase.”

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