BY NKECHI NAECHE-ESEZOBOR: The National Insurance Commission (NAICOM) on Monday said it has approved 18 applications out of 20 received by the commission for Bancassurance business.
The deputy director/head, research, statistics & strategy Directorate, Gbolahan Adewale Motajo disclosed this while presenting his paper titled: Strategic for us of the commission in the year 2020 at the 2020 seminar for insurance journalists held in Kano, Kano state, that two others are advance state to be approved.
The commission also disclosed that it will commence a 2-year licence renewal process for insurance brokers and loss adjusters by April 2020.
It added that last week it released the guideline for the implementation of the initiative.
On digitalization, the commission said the industry is currently lagging behind other financial services sectors.
“Ensuring the right pricing of insurance products and effective deployment of technology for ease of transaction are among the key areas the Commission will be emphasising this year. Digitalisation of 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. The Commission is working vigorously to see that all its operations are digitalised. The year 2020 is a year for us to turnaround the fortunes of the industry and this cannot be accomplished without digitalising our processes and encouraging the industry to imbibe same”.