The National Insurance Commission (NAICOM), has stated it’s dedicated to making sure sufficient safety of policyholders as a part of its core mandate.

According to the Appearing Commissioner of Insurance coverage, Sunday Thomas, this effort has been taken in lots of fronts corresponding to guaranteeing that real claims are promptly paid by insurers, guaranteeing financial soundness and viability of the insurers to guard investments, proper pricing of insurance coverage merchandise, worth for money, use of expertise for ease of transaction amongst others.

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He added that the measures are important in its duty in the direction of guaranteeing the insurance coverage consumers are fairly handled and protected.

Going further, he mentioned that as part of the commission’s effort to develop the insurance market, it has commenced the process of attaining the full digitisation of insurance business in Nigeria in order to keep tap with current realities.

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“There is no hiding the fact in saying that the industry is currently lagging behind other financial services sectors in this regard. The commission is now more prepared to drive the IT revolution in the sector starting with itself.

“It is on this premise that NAICOM is working assiduously to see that all its operations are done online and real-time by digitalising its processes and encouraging the industry to imbibe same. Appropriate steps are being taken to launch the commission’s portal which will go a long way in blocking leakages in the sector”, Thomas said.

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Remi Babalola, chairman board of directors, Law Union And Rock Plc, had throughout the presentation on the theme “Millennials: Digital transformation and the Nigerian insurance coverage trade”, stated that the millennials are both vital success or failure issue for the insurance coverage trade each regionally and globally relying on how proactive the insurance coverage trade harnesses their optimistic traits.

“Proactive adaptation of their life-style or behaviour to innovate merchandise by insurers to match their life-style wants will considerably change the landscape of the insurance coverage industry.”

Babalola stated that with 92 million phases of the inhabitants as lively users of the cell phone, insurance coverage enterprise communication wants to alter with a purpose to obtain phenomenal progress within the insurance coverage trade and financial service sector.

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Queenta N. Duru Iruka
A certified Senior Reporter/Advert Executive Evergreennewoline, Creative Writer/Graphic Designer/Political Analysts/ Entrepreneur & Fashionista



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