The National Insurance Commission (NAICOM) has unveiled a 5-Point Strategic Plan 2021-2023 to drive growth of insurance business and deepen its penetration in the country.
Speaking at the Annual Insurance Journalists Forum in Lagos at the weekend, Mr. Olorundare Sunday Thomas, the Commissioner for Insurance/CEO of NAICOM said that the plan was anchored on innovation, distribution, effective/efficient and service delivery as its guiding principles.
He listed the 5-Point Plan to include:
- Entrench effective & efficient service delivery
- Ensure safe, sound and stable insurance sector
(c) Adequately protect policyholders and public interest
- Improve trust & confidence in the insurance sector
- Ensure innovation & promote insurance market development
According to Thomas, the first point will entail enhancement of infrastructure, automation of processes, improvement of efficiency of regulatory activities and equipping the proposed NAICOM Academy which is set for take-off before the end of the year.
The NAICOM boss said the second point involves ensuring that insurance operators in Nigeria are adequately capitalised, and implementation of risk-based supervision to ensure that underwriting firms are prudently managed.
Other points and their details include:
The third point, he said, will include:
- Promote improvement in the protection of policyholders
- Enhance enforcement of market conduct among operators
- Promote insurance education & awareness
- Ensure adequate insurance cover for government assets and liabilities
The fourth strategy, he said will include:
- Instituting good market conduct and ensure that complaints are properly managed
- Implement customer service charter policy
- Facilitate the fight against money laundering and funding of terrorism
- Ensure effective management of troubled institutions
Point number five, Thomas said, will involve:
- Facilitate innovation and competitive policy amongst operators
- Facilitate attainment of National Financial Inclusion target and access to insurance services
- Promote local capacity for emerging risks in Nigeria
- Implement principles for sustainable growth of the market
The Commissioner for Insurance promised that the Commission will vigorously monitor and evaluate the process towards the attainment of the goals in the strategic plan.