By Sola Alabadan
The National Insurance Commission (NAICOM) has prepared an ICT guideline to be used as a minimum standard for the computerisation of operations in the insurance sector, NAICOM’s Deputy Director (IT), Abiodun Aribike said.
Aribike, who presented a paper on “Digital Transformation Of NAICOM’s Processes And Procedures” at a seminar organised by the commission for journalists in Uyo, Akwa Ibom State, informed that the guidelines will form part of future requirements for conducting insurance business in Nigeria.
He listed the objectives of the Nigeria Insurance Industry ICT Guideline to include: establishment of a minimum baseline for insurance policy data management practices within the industry, as well as to aid the establishment of inter-operable ICT systems for easy exchange of data between the commission and insurance companies.
Besides, he said the ICT guideline is intended to Improve connectivity and establish secured environment for data processing, and to increase transparency and operational performance in insurance policy underwriting processes in the country.
He added that the policy aims to facilitate the establishment of standard for the conduct of insurance business in Nigeria, while equally ensure all stakeholders meet the target requirements for submission of necessary reports to the Commission.
The ICT guideline will also ensure compliance to statutory reporting requirements from NAICOM and other agencies of government.
The policy covers data communication infrastructure, Network Operation Centre, Common Network SeService, E-mail SeService, Websites, Call Centre and Customer Helpdesk Management Of Data Security and Protection.
Other areas are Financial Information Management SSystem, Insurance Policy Administration and Claims Management SySyst, Electronic Document Management SySyst, ICT Management andBusiness Continuity and Disaster Recovery.
On the benefits of digital transformation, stated that it will lead to enhanced Stakeholder experience and sasatisfaction, Increased Revenue, Reduced Cost and blockage of leleaka, Improved Productivity, Increased Efficiency in Service DeDeliver, uEnhanced Data Collection andAn Analyst, Data Driven Insight and Decision MaMaking,Increased Agility and InInnovation and Improved Resource Management.
Falekulo Emerges New MD Of Nigeria Re
Mr Olugbenga Falekulo has been appointed as the new Managing Director of Nigeria Reinsurance Corporation, as part of efforts to ensure that the Reinsurance firm continue in its quest for transparent and accountable management of insurance in the country.
Falekulo, with over 25 years of experience spanning across the sector, said he brought his wealth of experience and professionalism to the fore.
The new Managing Director stated that he and his team are prepared to take Nigeria Re to the next level in the market.
Although he did not disclose the strategic plans the new new management have put together, he assured that Nigeria Re is taking a new dimension in the insurance industry, promising that a new era is here for the company.
He has BSc in Insurance, Masters in Business Administration, and he is also a.member of the Chartered Insurance Institute of London.
Prior to this appointment, he had worked with NICON Insurance, Great Nigeria and Continental Re. He left Continental as an Exexutive Director before in 2014 and went into his private business.
He is well travelled and has attended so many courses within and outside Nigeria. He is married with children.
Nigeria Reinsurance has Mr Mela Audu Nunghe as its Chairman, Falekulo as Managing Director/Chief Executive Officer, Mr Olusegun Ilori as Executive Director, Finance & Administration, Mr Alexander Ayoola Okoh, the Director-General of Bureau for Public Enterprises (BPE) as Non-Executive Director, and Mrs Yvonne Isichei as Non-Executive Director (Independent).
Nigeria Reinsurance was established under the Nigeria Reinsurance Corporation Act No. 49 of 1977. It commenced operations on January 1, 1978, as Nigeria’s flag reinsurer, wholly owned by the Government of the Federal Republic of Nigeria. In 2002, the Corporation was transformed from being a Federal Government wholly owned Corporation to a privatised company with the government retaining some shares. The Corporation, which has been in operation for over 40 years, is in the business of assuming risks, providing reinsurance services and risk management solutions to its clients.
Pension Fund Assets Now N12. 7trillion, Contributors 9. 4million
By Sola Alabadan
The pension fund assets accumulated under the Contributory Scheme in Nigeria was N12.66 trillion as at 30 June 2021, while the number of registered contributors has grown to 9.38 million, the Director General, National Pension Commission (PenCom), Aisha Dahir-Umar, said.
She stated this at the workshop organised PenCom for journalists in Lagos on Monday. The theme of the workshop was “Positioning the Pension Industry in a Post COVID Era”.