NAICOM launches licensing portal to boost efficiency, transparency in Nigeria’s insurance market

Cynthia Ezekwe

The National Insurance Commission (NAICOM) has unveiled a  new licensing portal for the registration and renewal of insurance agents’ licenses, aimed at leveraging technology for improved regulatory processes and to foster a more efficient insurance market in Nigeria.

The new platform, according to the insurance regulatory body, will be operational from August 1, 2024, with a focus of simplifying the licensing process and minimise manual intervention in the insurance sector,

NAICOM, in a statement seen by Business a.m, stated that the launch of the new portal is a strategic move to enhance efficiency in the licensing process.

“By digitizing the application and renewal procedures, NAICOM aims to reduce bureaucratic delays and improve the overall experience for insurance agents and companies,’’ the statement read in part.

NAICOM noted that the portal is designed to handle all applications for registration and renewal of agency licenses, to  ensure a more streamlined and user-friendly process tht will significantly ease and fast-track the licensing process.

Highlighting the key features of the new licensing portal, the commission noted that the portal is designed with an intuitive interface to facilitate ease of use for all agents and insurance companies. 

According to NAICOM, the portal is programmed to  enhance efficiency and facilitate the processing time for licensing applications, thereby reducing waiting periods for agents. It stated that by automating much of the application process, the portal minimises the need for manual handling, and reduces errors. 

The insurance commision implored  all registered agents and insurance companies to take note of the new portal’s launch and to be guided accordingly, stressing that  all pending applications, that have not yet been registered on the old portal, should be resubmitted through the new system.