FITC Charges Nigeria’s Insurance Regulator on Innovation

In a steady and proven stride to lead proactive transformation and business growth within industries, FITC, the world-class, innovation-led, and technology-driven knowledge institution facilitated the National Insurance Commission (NAICOM) Board Retreat themed: “Strengthening Board Resilience and Agility for Success.”

The board retreat was aimed at equipping the NAICOM board with the requisite knowledge needed to successfully navigate the increasingly complex and dynamic insurance landscape, the current and emerging business terrain, and its change dynamics, and provide an understanding of the global insurance industry trends and their implications for the board’s regulatory oversight role and supervisory practices. 

In her opening address, the MD/CEO, FITC, Chizor Malize, asserted that globally, the insurance landscape is undergoing a paradigm shift. She stated that digital is no longer a nice to have but a critical part of business strategy and sustainability. Thus, for the insurance industry to succeed in maintaining economic and social relevance, key players need to partner in offering innovative solutions for new and emerging risks.

Speaking further, Malize noted the need for NAICOM to lead the drive for financial inclusion, leveraging Microinsurance, Takaful insurance, and so on, and to also drive industry innovation through tech-enabled insurance solutions, adaptable business models & products to provide insurance customers the opportunity to buy as they go.

The Commissioner for Insurance, Mr. Sunday Olorundare Thomas, in setting the tone for the board retreat, stressed the need for acculturation of the board members into the public sector. The Chairman, of NAICOM, Dr. Abubakar Sani also expressed the board’s expectations from other Directors, the values of the different perspectives of the board, the need for NAICOM to be digitally driven, and the efforts that NAICOM is making internally and for the industry to be fully digitalized. He made these known in his opening remarks while reiterating that NAICOM is leading in digital transformation and driving insurtech.

Speaking on the need for improved service delivery imperatives, Permanent Secretary, Service Policies & Strategies, Office of the Head of the Civil Service of the Federation, Dr. Emmanuel Meribole, emphasized the need for training and capacity development. He stated that the revised Public Service Rule makes a case for standardized trainings, as training and capacity development will provide more opportunities for enhanced and adequate service delivery.

Addressing the roles and responsibilities of the board in procurement, Director, Compliance, Certification & Monitoring, Bureau of Public Procurement, Ishaq Yahaya, revealed that procurement needs to be done with the expected level of compliance and appropriation.

Director-General, Bureau of Public Service Reforms (BPSR), Dr. Dasuki Arabi buttressed the need for boards to keep themselves abreast with the Commission’s business and industry trends and to develop agility in their dealings.

Managing Partner, De Hertz Consulting Mr. Aloy Igbojekwe acknowledged the need for agility in order for the governing board to stay ahead and be nimble towards the developments, evolving challenges, and opportunities shaping the growth and success of the industry.

Managing Partner, Imperial Law Office Attorneys, Mrs. Afolake Abubakar-Lawal, emphasized the need for board members to be active in the affairs of the board and the commission.