The federal commissioner for insurance(CfI), Mr. Olorundare Sunday Thomas has stated that the recent commissioning of its digital platform at its head office in Abuja is one of the initiative of the commission being pursued to deepen the insurance market and increase the penetration to the level that is consistent with the nation’s economy and expressed delight that the project has become a legality.
During the occasion, Mr. Sunday Thomas explained that the commission embarked on the project in 2009 for the effective computerisation effort tagged: project e-regulation that was meant to transform its operational procedures and conduct of its regulatory responsibilities by providing a robust, world class ICT infrastructure to help implement an automated business processes internally and for industry-wide supervision via an integrated platform’
With the completion of the portal, the Commissioner stated that there will be process efficiency and faster processing time, as applications and supporting documents are submitted on-line, applicant’s account is updated with the status of the application as it progresses and there is effective real time communication between NAICOM and the applicant.
According to Thomas, ‘‘the portal also provides 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. Each policy will be issued with a unique policy ID that will be associated with the policy for the life time of the policy.’’
The Commissioner stated that the portal is currently made up of four systems which included: the policy system, licencing system, complaint management system, and regulatory returns and financial analysis.
He also informed that the module of the project was funded directly by Africa Re Foundation, which he was a welcome development and further demonstration of commitment to the transformation of Nigeria economy and the change agenda of the current administration.
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