The National Insurance Commission (NAICOM) has said it is working with operators to promote the development of products tailored to meet interests of the uninsured.
The Commissioner for Insurance, Mr Sunday Thomas, disclosed this at a seminar for insurance journalists in Lagos at the weekend.
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Speaking on the theme of the conference: “The Future of the Nigerian Insurance Sector in a Shifting Landscape”, Thomas said: “The commission is promoting the development of products and business models that meet the needs of the financially excluded group while ensuring automation of the commission’s processes with a focus on actuarial capacity development programme and risk-based supervision regime.”
He explained that the insurance sector played a vital role in financial inclusion because it reduced the poverty line, assisted people to manage their risk and protected them from the negative adverse effect of unforeseeable circumstances, as well as increased access to other financial services.
He noted that, “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 has been left untapped by encouraging the introduction of products tailored to the consumers in order to grow insurance businesses.”
He said the theme at this period of rejuvenation, “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.”
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