By Sola Alabadan
The Commissioner For Insurance and Chief Executive of National Insurance Commission (NAICOM), Mr. Olusegun Omosehin has charged the insurance operators in Nigeria to prioritise prompt payment of claims in order to increase the level of insurance awareness in the country.
Omosehin, who was represented by the Deputy Commissioner for Insurance, Finance and Administration Mr. Ekerete Ola Gam-Ikon, gave this charge at the Chartered Insurance Institute Of Nigeria’s 2024 Insurance Professionals’ Forum in Abeokuta, Ogun State.
He said “I strongly believe that the most appropriate strategy for awareness creation is a complete change of mindset on the administration and settlement of claims, prioritising our clients’ needs, treating them fairly, with utmost transparency, and timeliness, too.”
As NAICOM is enthusiastic about opening up insurance market in the country and deepening penetration, he urged the operators to look inward and re-appraise their professional and business ethics and conduct, saying “As professionals, we must conduct our business with utmost integrity and in manners that does not bring disrepute to the insurance profession.”
While emphasising that the commission is prioritising issue of accessibility to insurance products across the country and is keen about increasing penetration, Omosehin pointed out that the conduct of insurance practitioners in building and maintaining trust of consumers is its primary responsibility, aimed at galvanising growth and deepening penetration in the country.
He informed the insurance professionals that this is the time for them to make insurance count in our national discourse, as well as the time to harness every opportunity and maximise the potentials of the dynamics, demography, size of our economy, and the ambitions of the Government.
Cognisant of its role in the transformation agenda of the insurance sector, he said that “the commission has set out five priority areas for immediate implementation which include; safeguarding policyholders and improving confidence in the Industry, strengthening our supervisory capabilities and organisational effectiveness, improving safety and soundness of the Nigerian insurance industry, fostering innovation and sustainability of the Nigerian insurance industry, and enhancing overall insurance accessibility and penetration in Nigeria.”
Since one of the fundamental responsibilities of the Commission as a regulator is the protection of policyholders, he stated that the commission places significant premium on prompt settlement of all genuine claims.
Omosehin added that the adoption of risk-based supervision and risk-based capital have become inevitable if the nation’s insurance industry wants to compete with its counterparts across the globe and remain relevant in the management of risks of its existing and potential customers.
As innovation and sustainability are some of the major emerging issues today, he pointed out that the insurance sector must embrace innovation to meet up with the rapid market changes, changes in consumers preference, tastes and lifestyle, as well as develop products that meets the demands of the populace.
In order to meet the target of market expansion and growth, the NAICOM boss maintained that the insurance industry must develop a wide range of new skill sets and orientation, attract and retain talents, diversify its products spectrum, improve its adaptability and agility, improve on transparency and openness, invest in technology, improve trust and confidence in insurance, have institutions that compete favourably with other sectors in terms of liquidity, capitalisation and expertise.
