BY NKECHI NAECHE-ESEZOBOR–The National Insurance Commission (NAICOM) on Thursday commended operators that have embraced the NAICOM Portal introduced last year.
The commission also imploring those yet to fully comply with the directive to do so.
Commissioner for Insurance, Sunday Thomas, disclosed this when addressing Managing Directors of insurance companies and management of Nigerian Insurers Association (NIA) at the Insurers’ Committee meeting in Lagos.
According to him there has been a tremendous progress in the upload of data by operators, stressing that by the end of April the commission would state its position on those not fully complying with the directive to send their documents via the portal.
He urged them to do more on settlement of claims, charging them to enhance and simplify their policy documents to enable the public understand what they offer.
Addressing the media, the Chairman, Sub-Committee on Publicity and Communications, Insurers Committee, Mrs Ebelechukwu Nwachukwu, said that the body discussed and agreed on several initiatives that would help propel Insurance sector forward.
According to the commission the portal has changed the way insurance is operated in Nigeria and how the insuring public is served.
No operator will need to be compelled as all activities of the companies and their operations will be captured and monitored in the long awaited portal.
The battle therefore to win more customers for increased revenue and profitability will put more pressure on companies as managements will have to thinker with strategies to deliver value and remain in business.
Firms will be more faced with the challenge to enhance quality of service, product development and distribution channels in ways that are also cost effective.
