The National Insurance Commission, has stepped up processes to establish and standardise an ICT infrastructure guideline to support the security of insurance operations and data management for the different trade bodies in the insurance market.
The ongoing plan of NAICOM was disclosed at a seminar for insurance journalist at Uyo, Akwa Ibom State, by the head of IT in the commission, Abiodun Aribike, which he said is part of the digital transformation by the regulator to use digital technology to transform services through replacing manual processes or replacing older digital technology with newer digital technology.
Aribike, the deputy director IT, said the ongoing digital transformation in NAICOM would be required in all the operations of all the operators in the market and it would involve creativity, innovation and new ways of doing things or doing old things differently with the use of technology rather than enhancing and supporting traditional ways of doing things digitally.
He said the overall objective is to enhance the competitiveness of the sector, stressing that “it is essential that the industry delivers services in ways that brings benefits to consumers of insurance services.”
To establish its resolve on the ICT road map for the market, “NAICOM has prepared an ICT guideline to be used as a minimum standard for the computerisation of operations in the insurance sector.”
According to him, the guidelines would change the insurance landscape going forward and form part of future requirements for conducting insurance business in Nigeria.
He outlined some of the benefits of the digital transformation to include: enhanced stakeholders experience and satisfaction; and increased revenue, reduced cost and blockage of leakages and improved productivity and also counting is increased efficiency in service delivery.
Other benefits include: enhanced data collection and analysis, and at the same time helping firms to have data driven insight and decision making. Creating a home for ICT would lead to increased agility and innovation and, improved resource management.