Thomas disclosed this in a keynote address at a seminar tagged: “Strategic Focus of the NAICOM in the year 2020; from compliance to development,” in Abuja.“Digitisation of the insurance business is no longer an option, but an imperative, which we all have to work towards its actualisation, as we may all be aware, the industry is currently lagging behind other financial services sectors in this area. We are, therefore, working vigorously to see that all our operations are digitised,” he said.
Thomas hinted that 2020 is a year for the industry to turnaround the fortunes of the industry, adding that this cannot be accomplished without digitisation of its processes and encourage the industry to imbibe it. He said the commission shall, in the course of the year, continue to introduce new reforms and initiatives in line with international best practices for attaining the level of growth and development desired for the sector.
On the sector’s recapitalisation, he assured that the commission will pursue the exercise to its logical conclusion by December 2020. Thomas said the financial inclusion strategy has been central to the Federal Government’s development plan, adding that the commission has over the years, invested hugely in the development of financial inclusion mechanisms, which include the introduction of micro-insurance and Takaful Insurance products.
The introduction of these lines of insurance, he said, are intended to deepen the penetration of insurance in the country and bring into the fold majority of the populace that are hitherto excluded. So far, some milestones have been recorded in this regard with three standalone Micro-insurance and four Takaful insurance companies already granted approvals. He said the commission shall continue to deploy more energy and resources in building public trust and confidence in insurance despite years of poor perception, and called for the support of insurance journalists in this regard.
The theme paper presenter, Deputy Director/Head Research, Statistics and Strategy Directorate, Gbolahan Adewale Suleiman, also noted that the commission will embark on the Agricultural Index Insurance policy to reduce the level of exposure of produces, provide a cover for farmers, generate investments in the sector and improve the finances the farmers. While listing the achievements of the commission in 2019 and its focus in 2020, Suleiman said that the recapitalisation exercise, which started in 2019, will continue to remain as core focus of this year.