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Finance minister calls for regulatory framework for Insurtech companies

The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, has asked the National Insurance Commission (NAICOM) to develop a regulatory framework for insurance…

The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, has asked the National Insurance Commission (NAICOM) to develop a regulatory framework for insurance technology companies as they gain traction into the insurance space.

The minister made the call at the weekend in Abuja during the launch of the National Insurance Commission (NAICOM), a one-stop online portal.

She said, “I believe there is a need for a regulatory framework for Insurtech companies to guide and supervise their operation without inhibiting their innovation. The commission should look into this.”

This directive is coming at the heels of many insurance technology companies entering the insurance industry, especially retail insurance.

She also advocated for disruptive technologies like mobile technology, cloud computing, artificial intelligence, blockchain, data analytics and internet of things in driving and supporting its business.

She said these disruptive technologies will also drive insurance penetration in the country which is currently at 0.8 percent.

Giving more details, Mr Sunday Thomas, the CEO of National Insurance Commission said the portal will also “provide a platform for interconnectivity by all industry stakeholders to support real-time aggregation of data on policies at the time of underwriting and policy issuance.

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