Connect with us

Business

Insurers Move To Shorten Claims Process, Enhance Customer Service

Published

on

By Sola Alabadan

The Chairman of Nigerian Insurers Association (NIA), Mr. Kunle Ahmed says the insurance companies in the country are committed to a timely processing and payment of all valid claims, so as to build public trust and ensure the sustainability of the sector.
Speaking at the first quarter media chat of the association on Tuesday in Lagos, Ahmed emphasised that the hallmark of any insurance company worth its license is the payment of claims.
Despite the N536.5 billion claims paid by the industry in 2023, which is about 53% of the gross written premium for that year, he stated that there is still significant improvements to be made on the ease of making a claim and general improvement of the claim process.
He also informed that the NIA would soon be inviting Fintechs to make a pitch on different innovations that will ensure that the claim process is shortened leading to improvement in the timely payment of claims.
The stricter enforcement of Third-Party Motor Insurance by the Nigeria Police Force, which commenced on February 1, 2025, according to him, has been generating significant effects on both the insurance industry and the policyholders.
While there has been substantial increase in the purchase of third-party motor insurance policies, he said “the increase in uptake implies increase in the volume of claims and overall potential liabilities of insurance companies. This will necessitate that insurance companies enhance their claims processing efficiency and customer service capabilities to handle the increased workload and ensure policyholder satisfaction.”
He added that “Timely and efficient payment of claim obligations will gradually lead to increased public trust in the insurance sector. Interestingly, the increased awareness and enforcement can create opportunities for insurers to develop more attractive and user-friendly third-party insurance products and leverage technology (Insurtech) to improve service delivery.
The stricter enforcement of third-party motor insurance in Nigeria, he stressed, also presents challenges related to claims processing and the need for
enhanced customer service.
He maintained that the effective enforcement also requires closer collaboration between the National Insurance Commission (NAICOM), the Nigeria Insurers Association (NIA), other industry stakeholders and the Nigeria Police Force to ensure smooth implementation, whilst addressing arising issues. NIA is currently engaging the Nigerian Police Fore and the Federal Road Safety Commission to ensure seamless enforcement, he further pointed out.
The NIA boss also applauded the decision of the National Insurance Commission (NAICOM) to be publishing the names of insurance companies with outstanding claims and the details of these complaints, saying NAICOM is promoting transparency and demonstrating commitment to protecting the interests of policyholders.
“It sends a strong message to insurers that the regulator is taking the issue of unpaid claims seriously and is willing to take concrete action to ensure that policyholders receive their due compensation as at when due.
“Whilst most companies will meet their claims obligations, it is believed that the threat of being publicly named and shamed, coupled with potential sanctions for non-compliance, is a strong incentive for insurance companies to prioritise the settlement of outstanding claims and improve their claims-handling processes. NAICOM has explicitly stated its zero tolerance for delays in settling genuine claims and has warned that non-payment could even lead to the cancellation of licenses.  
“The publications can also help to identify systemic issues within specific insurance companies or the industry as a whole that contribute to the high volume of outstanding claims. This allows NAICOM to develop targeted regulatory interventions to address these underlying problems.”

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Ghana’s Delegation In Nigeria To Marine Cargo Sector

Published

on

By

Commissioner for Insurance, Olusegun Omosehin received delegates from Ghana's Marine Cargo Technical Committee on a study tour of Nigeria's marine cargo sector at his office in Abuja recently. The delegation was led by Mr. Fred Asiedu-Darteh of Ghana Shippers' Authority.

Continue Reading

Business

Stakeholders Assess Progress, Challenges In Implementing Building Insurance Regulations

Published

on

By

The National Insurance Commission (NAICOM) convened the fourth meeting of the Joint Committee on Insurance for Public Buildings and Buildings Under Construction recently in Abuja.
The meeting, chaired by the Deputy Commissioner for Insurance, Finance and Administration, Mr. Ekerete Ola Gam-Ikon, brought together stakeholders to discuss progress and challenges in implementing insurance regulations for public buildings and buildings under construction.

In his opening remarks, Mr. Gam-Ikon welcomed new members from the quantity surveying profession and briefed the committee on NAICOM’s enforcement efforts, which have commenced with third-party motor insurance and are expanding to public buildings and buildings under construction. He emphasized the importance of collaboration with regulatory agencies and highlighted the commission’s focus on claim settlement, citing the example of a fire incident at a Cash and Carry supermarket where insured parties received prompt claim payments.

The committee discussed implementation progress, with the representative from Development Control indicating that they have started enforcing insurance requirements since January 2025 but are awaiting necessary documents to commence full enforcement. Other stakeholders, including the Nigerian Insurers Association (NIA) and the Federal Fire Service, shared their perspectives on the importance of complete documentation, risk assessment, and insurance coverage.

The Chairman of the joint committee, Mr. Gam-Ikon, urged Development Control to establish a database of public buildings and buildings under construction and ensure that only buildings with approved documents are insured. Dr. Talmiz Usman, Director of Legal Enforcement and Market Development at NAICOM, thanked committee members for their support and participation.

The meeting underscored the importance of collaboration and effective implementation of insurance regulations to promote safety and risk management in the construction industry.

Continue Reading

Business

emPLE Partners LASPARK For Tree Planting Initiative

Published

on

By

emPLE has officially flagged off Green emPLE, its company-wide sustainability initiative, with a tree-planting exercise held in partnership with the Lagos State Parks and Gardens Agency (LASPARK) in Lagos.
As part of the launch, emPLE planted 65 trees across strategic locations in Lagos. The carefully selected tree species were chosen for their environmental benefits such as improving air quality, reducing urban heat, and enhancing the city’s ecological balance.
Speaking at the event, Oyinlade Olalekan, Managing Director of emPLE General Insurance Limited, remarked,
“At emPLE, we’re deeply committed to empowering lives—not just through our financial offerings but by actively contributing to a more sustainable world. The launch of Green emPLE and today’s tree-planting activity are key steps in that journey. Sustainability is one of our core values, and we’re proud to be playing our part in building a cleaner, greener Lagos.”
He added,
“We see Green emPLE as a platform for driving real impact, one initiative at a time. This partnership with LASPARK is only the beginning. We look forward to rolling out more activities that reinforce our mission and encourage others to join us in protecting the planet.”
Mrs. Adetoun Popoola, General Manager of LASPARK, also commended the initiative, saying:
“Our mandate at LASPARK is to promote a greener Lagos through tree planting and urban beautification. It’s always encouraging to see private sector organisations like emPLE step forward in support of this mission. Collaborations like this help us get more done and inspire residents and businesses alike to take sustainability seriously. We are excited about what Green emPLE represents and we look forward to more impactful partnerships.”
To acknowledge emPLE’s contribution, LASPARK presented the company with a Tree Planting Certificate, recognising its role in environmental preservation and its ongoing support for climate resilience and green urban development.
Green emPLE is emPLE’s long-term commitment to promoting sustainable practices that support a healthier planet and empower future generations. The initiative reflects the company’s belief that true empowerment goes beyond financial products it includes taking responsibility for the environment and driving long-term positive change.

Continue Reading