The National Insurance Commission (NAICOM) has unveiled a new two-year strategy to enhance confidence in the insurance business. It will run from 2021 to 2023.
The Head, Strategy and Special Duties, (NAICOM), Usman Ibrahim Jankara, stated this in a paper – ‘Corporate Strategy of the Commission 2021- 2023: Goals, Objectives and Deliverables’ – he presented in Lagos at the weekend.
The project, according to him, is targeted at producing a safe, stable, and strong insurance industry capable of competing globally. This, according to him, was aimed at ensuring that insurance firms are adequately capitalised, effectively managed and regulated.
He further stated that the effort was aimed at strengthening the firms to fight against money laundering while ensuring that competition among firms is not about price but product offering.
Similarly, the Head of IT, NAICOM, Abiodun Aribike, while presenting a paper titled ‘NAICOM’s Digital Transformation, Progress So Far’ described digital transformation enforcing effectiveness, efficiency and cost reduction in the way things are done.
According to him, this means replacing manuals with digital operation to ensure time-saving and encourage innovation.
The 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.
He spoke at a dinner held to herald the 2021 NAICOM Seminar organised for journalists reporting the sector.
