Emerging situations in the insurance industry and the constant impact of disruptive digital technology on all human endeavours, has reset the management strategies of the National Insurance Commission.
The redefinition of strategies by the Commission, would put it in the mould to appropriately cope with emerging situations in the insurance industry.
Warehousing its compatibility with strategy review, NAICOM declares: “It has become important for us at the Commission to review the current strategic plan and develop a new plan. This plan aims at consolidating on the milestones achieved and to move the industry to greater heights.”
The position of the Commission was a policy reel screened by NAICOM head, market development, Mr. Adeyemi Abubakar, in his presentation, “Market Development Initiatives of the Commission: The Role of the Media”
Abubakar said the situational analysis culminated in identification of the commission’s strategic goals aimed at consolidating on the milestones achieved and to move the industry to greater heights.
He said these strategic goals include safety and soundness of insurance market which should take cognisance of digital redefinitions of business new directions. Also, the safety and soundness of the industry should stem from the road map of the Commission, that takes into account the interest of the market stakeholders, and ultimately lead to stability of the insurance sector.
Falling into this plan would help the regulator navigate to the level of optimal insurance market development alongside adequate protection of policyholders and public interest, and this would deliver trust and confidence in the Commission. Also included in the Commission’s plan, is regulatory effectiveness and prompt payment of claims.
The drum beat of Vision 2020 is another signal that the commission could not ignore and it aptly described the insurance sector as “a grossly untapped opportunity” with low market penetration.
Abubakar while engaging journalists at Uyo, Akwa Ibom State, added that the very low acceptance of insurance institutions in Nigeria “is largely due to ignorance on the part of the consumers and the general public. This is further aggravated by sheer lack of special purpose machinery for the members of the general public.”
It was in this regard he said the strategic initiatives for insurance market development were considered in line with the Commission laws, mandates and responsibilities.