The National Insurance Commission is leaving no stone unturned to launch the insurance industry to the space of innovation which the Commission intones is a game intact and, fulfills the dual objectives of market development and protection.
To make innovation bestride the space that would sustain the trend, the Commissioner for Insurance Sunday Thomas (pictured) said, is “implementing a legal and regulatory framework (Regulating for Innovation) designed to develop a framework for sustainable innovation in the Nigerian insurance industry,” and the Commission makes no sentiment about this stating clearly that its “in fulfilment of the Commission’s dual objectives of market development and protection.”
These were the views expressed by Thomas at the recent Professionals Forum of the Chartered Insurance Institute of Nigeria. With the bulls eye on innovation, NAICOM CEO said, “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 etc.”
Thomas said the Commission embarked on innovative regulations, policies, guidelines and programmes to position for the future of the Nigerian insurance industry.
Building the elaborate space of innovation has seen the Commission go into partnership with Financial Sector Deepening Africa (FSD Africa) “which is aimed at coaching and mentoring Insurtech firms, granting funds in developing innovative business solutions focused on solving compelling economic or social problems as well as bringing commercial value to the insurance industry.”
Thomas noted that the Commission’s market development and restructuring initiative will facilitate enforcement of compulsory insurance, increase insurance penetration, improve access to insurances, and sanitise the polity on the benefits of insurance.
