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NAICOM to Sanction Firms for Failure to Comply with Digital Regulatory Model

The National Insurance Commission (NAICOM), has said that it would sanction any insurance firm that failed to upload its daily operational transactions into its regulatory portal.

 This is just as the umbrella body of insurance underwriters, the Nigeria Insurers Association(NIA)  has expressed satisfaction at the rate of compliance of its member to the new digital regulatory model

The Commissioner for Insurance, Mr. Sunday Olorundare Thomas, who stated this while speaking at the 2022 Business Outlook Programme, organised by the Chartered Insurance Institute of Nigeria (CIIN), in Lagos, raised the concern, saying the insurance industry is currently lagging.

He said there was a need to reconsider the business model, re-evaluate its approach to the market and make the digital agenda a priority before the industry could contribute its quota maximally to the economy.

“To get this done in the industry, it will require a different set of skills, culture and operating model,” he said. 

Thomas said every technology age has its challenges, stressing that there would be challenges facing the industry in the digital environment. He said the challenges include meeting the demands of the multi-generation customer base.

He noted that the fast-changing digital space, systems and technologies would lead to the need to reduce cost, data reliability, legacy technology and workforce training.

He said the commission was eager for a fully digitized industry, adding that the COVID-19 pandemic has accelerated the adoption and the use of digital technology in the industry.

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