The Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM) Mr. Sunday Oludare Thomas has said insurance over the ages has always been seen as a business that exists for the survival of other businesses.
He stated this in his keynote address at the seminar for insurance correspondents held in Lagos recently.
“At this period of rejuvenation, it calls for the Nigerian insurance sector to develop innovative products and distribution channels, embark upon massive infrastructural development, improvement in social safety nets scheme, rejig business continuity plans and general deployment of technology to meet the expectation of today’s consumers and create new experiences that add value,” he said.
According to him, the insurance sector plays a vital role in financial inclusion because it reduces the poverty line, assist people to manage their risk and protect them from negative adverse effect of any unforeseeable circumstances as well as increases access to other financial services.
“In today’s modern business environment, disruption plays an integral part of any business, hence innovation being implemented by the Commission is geared towards gaining control of a specific segment of the market that have been left untapped by encouraging the introduction of products tailored to the consumers in order to grow insurance businesses,” Thomas explained.
The NAICOM boss said, “As an optimist, we are encouraged to believe in a new dawn in all facets of our regulatory policies, leveraging technological innovations, and a positive paradigm shift focused and poised to meet the anticipated surge in the demand side of the economy.”
Mr. Thomas pledged that the National Insurance Commission will continue to work closely with the Gentlemen of the Press to improve the existing relationship, improve perception of the insurance industry as well as increase insurance awareness.
