The Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Mr. Sunday Thomas Wednesday called for retooling of strategies to mitigate the challenges facing the underwriting business.
He made the call at the 2021 Insurance Directors’ Conference held in Lagos, where he also threatened participants saying, “I want you to note that as a Commission, we take the participation of companies in this forum very seriously and thus do not take it lightly poor representation and participation by members of board of directors.”
Thomas said, “Many countries and indeed, economies across the globe have been confronted with numerous challenges in recent years, Nigeria inclusive. The insurance sector notwithstanding its resilience is not immune to this challenges thus the need to constantly retool our business strategies.”
He further stated that the theme for this year’s conference “Insurance Industry in a Changing World” surely speaks to the fact that the world has become ultra-dynamic.
According to him, “The decisions we have to take as a body are critical to the survival of our entities. I am hopeful that our deliberations here today will provide us the inputs or necessary ingredients that can assist in making policies and strategies that will enhance survival and growth of our various institutions.”
The NAICOM boss stressed that the rapid changes brought about by the COVID-19 pandemic in many fronts have drastically opened doors of opportunities for many positive thinking minds and created serious setback for many who are not able to cope with the speed at which some of these changes appeared.
“An obvious example is the technological advancement in the insurance industry which has been accelerated by the COVID-19 pandemic compelling many of us to shift from the traditional ways of conducting business to more sophisticated and technology driven mechanisms. Indeed, am able to address you this morning virtually because of technological advancement popularised by the advent of the pandemic. While it has not been so difficult for some companies to adapt to the new world order, a lot of other companies have been struggling to cope.