NAICOM portal will encourage industry-wide adoption of technology –Finance Minister

The Minister of finance, Mrs (Dr) Zainab Shamsuna Ahmed has said that the recent commissioning of NAICOM’s portal should serve as a spring board for industry–wide adoption of technology and innovation for efficient and effective service delivery, ease of transacting business and customer experience and satisfaction.

Continuing, she stated that the insurance industry should provide quick turn-around time on their service, grant access to information when required without any inhibition and maintain effective real-time communication with its customers.

She observed that dwindling government revenue profile demands that the Commission most look into other ways of increasing its revenue through the use of technology and the portal in particular. I urge the commission to ensure the portal is connected to other government data-base like the national identity management commission, Nigeria integrated customs information system, Nigeria Immigration Service, Passport data-base, and the National Vehicle Registry among many others to provide value-added services to all insurance industry stakeholders and enhanced revenue generation. In addition, Mrs Ahmed stated that NAICOM portal must also serve as the central data-base and sole repository of all insurance data connected to government data-bases in the country.

The minister used the occasion to call on the industry operators, particularly the Commission to put in place mechanism that will ensure that insurance companies meet their obligations to the policyholders by paying claims promptly, as this is the major reason they exist in the first place. According to her, ‘’claims payment determines the value structure of the insurance industry in the economy.’’

She also called for development of innovative insurance products based on data and customers’ preferences and introduction new channels of distribution beyond the traditional channels to reach new segment of the market.

She called for cooperation of the insurance industry with other agencies of government to enforce compulsory insurance in the country. Said she, ‘’Stakeholders in the industry must consciously and intentionally spread the reach of insurance from the major cities and few states to other regions of the country, especially the rural areas. Low penetration in the retail segment the of the market must be addressed through vigorous drive of inclusive insurance, like micro-insurance and takaful.