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NAICOM set to deploy insurance regulatory returns, analysis system

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A web-based software solution for submission, collation and analysis of returns from insurance companies, has passed user acceptance test and ready to be deployed, the National Insurance Commission (NAICOM), has said.

The Commissioner for Insurance, Sunday Thomas, said this at an event organised by the Chartered Insurance Institute of Nigeria (CIIN) in Abeokuta, Ogun State, adding that with respect to the efforts of the Commission in the area of regulation and supervision of market, NAICOM embarked on innovative regulations, policies, guidelines and programs aimed at restructuring for the future of the Nigerian Insurance Industry.

Thomas noted that the first phase (Module I) of the Commission’s migration from analogue to the digitalising of its core processes (execution of Project e-regulation) has been completed.

He maintained that the effectiveness of the Commission’s support departments is also being enhanced with the deployment of the Enterprise Resource Planning application
in February 2022 and that the Commission issued the “Insurance Web Aggregators Operational Guidelines” which serves as a working document to register, supervise and monitor web aggregators as intermediaries who provide information on products of different Insurers.

The Chief Executive Officer of NAICOM submitted that since the advent of COVID-19 pandemic, the way and manner in which businesses are conducted have significantly changed; with the major focus now on use of technology to ease activities.

He said the Commission has also been working to boost access to insurance through effective deployment of technology, adding that the Commission’s portal has been launched and effectively deployed.

According to him, innovation will be the key to sustenance of the industry and make insurance services seamless by leveraging technology which drives applications like Insurtech, FinTech, blockchain, data analytics, IoTs and others.

He implored insurance practitioners to work together to explore all possible means to take insurance to a new level that will enhance contribution to the nation’s economy.

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