The world has been overhauled by the current pandemic- Covid-19, and spinning now is a new world order in all of human endeavours; consequently, service and production industry across the globe are adapting to a new order at different levels of speed, and the National Insurance Commission is recommending to insurance operators to adapt.
The Commissioner For Insurance, Mr O S Thomas, as a demonstration of the importance of the need to adapt to the new world order, stated it in the establishing paragraph in the goodwill message to insurance brokers at the 2020 Retreat for CEOs.
First in line, was to commend them for putting together the programme, “notwithstanding the precarious prevailing global atmosphere.” Thomas therefore, said the event was a demonstration of their ability to adapt to current realities in the wake of the corona virus (Covid-19).
Narrating how insurance was traditionally done before the paradigm shift, NAICOM helmsman said: “One of the most affected businesses are the service businesses requiring physical contact which our beloved profession falls within given that most often than not, product distribution require face to face contact for us to get the buy-in of our potential clients.”
Taking the narration further, he stated, “This year has no doubt been a very challenging one for our sector, individual households and the economy at large as a result of the Covid-19 pandemic. However, to us in the insurance sector, what this situation has thrown up is that there must be a paradigm shift from our usual way of business practice.
“It is therefore imperative on us to embrace and align our businesses to the new world order if we must be seen to be relevant.”
NAICOM, he disclosed, has already opted to align and adjusting to the challenges and opportunities which the pandemic has imposed on the socio-economic and business environment.
He enumerated several fronts where the Commission had adjusted, for instance, the recapitalisation programme was reviewed and extended in recognition of the current realities, another sprout points to automation of the Commission’s processes for prompt service delivery “has been fast track.”
Also on the heels of Covid-19, was the e-portal for regulatory submission of various applications by operators and obtaining e-approvals “is in the final stage.”
Also coming up to address Covid-19 challenge Thomas said, is the on going work focused on the framework for digitalisation of operations (such as IT Standards, Web Aggregators, Regulatory Sandbox, etc) of regulated entities are in progress.