Technology innovations stressing Nigerian insurers, says NAICOM 

Many Nigerian insurance companies are still struggling to adapt to technological advancement in the insurance ecosystem and this has resulted in their failure to effectively integrate their operations on the National Insurance Commission’s (NAICOM) newly launched digital portal.

Sunday Thomas, the commissioner for insurance and chief executive officer of NAICOM,  made the assertion during a recent insurance forum held in Lagos.

According to Thomas, the rapid changes brought about by the COVID-19 pandemic on many fronts have drastically opened doors of opportunities for many positive thinking minds and created serious setbacks for many who are not able to cope with the speed at which some of these changes appeared.

“An obvious example is the technological advancement in the insurance industry, which has been accelerated by the COVID-19 pandemic, compelling many of us to shift from the traditional ways of conducting business to more sophisticated and technology driven mechanisms. While it has not been so difficult for some companies to adapt to the new world order, a lot of insurance companies have been struggling to cope,” he noted.

The NAICOM commissioner advised insurance companies to fund information technology and constantly retool their business strategies, noting that their attitude towards funding would go a long way in determining the existence and longevity of not only the companies, but  their brand names, corporate identities and adaptation to the new world order.

Thomas further stated that NAICOM has successfully launched and deployed its digital portal since September 1, to ensure effective and efficient interface between it and stakeholders.

He enjoined insurance operators to integrate their operations with the NAICOM portal, stating that any company that is lagging behind in that regard is inadvertently phasing itself out of business.