Gbadegesin Lauds NAICOM’s Regulatory Sandbox Guideline

Nume Ekeghe

The Managing Director of GOXI Microinsurance, Shina Gbadegesin has applauded the recent release of the Regulatory Sandbox Guideline by the National Insurance Commission (NAICOM).

Gbadegesin in a statement noted that this initiative would promote innovation and drive insurance inclusion at the grassroots.

Gbadegesin added that regulatory sandboxes are guidelines that allow operators to seek a relaxed regulatory environment to test innovative ideas such as products, services, business models, or distribution channels.

These guidelines set parameters that have the potential to improve inclusion and efficiency. He believes that this initiative by NAICOM will go a long way in promoting innovation and driving insurance at the grassroots, especially by licensed specialized microinsurers in Nigeria.

He expressed optimism that the Regulatory Sandbox Guideline would inspire insurance companies to be more innovative in their approach to driving insurance inclusion in the country. He urged the insurance industry to take advantage of the opportunity provided by the guidelines to enhance their operations and improve the industry’s overall efficiency.