BY NKECHI NAECHE ESEZOBOR—Poised to improve the service of insurance business in Nigeria, the National Insurance Commission (NAICOM) on Monday said that henceforth, insurance companies will be assessed and ranked on the quality of their service delivery to customers.
Cross section of participants at the event.
The Acting commissioner for insurance, Sunday Thomas, disclosed this during the 2019 interactive session with major consumers of insurance products in Lagos, that the ranking of companies in this regard will be made public in order to provoke healthy competition among insurers.
The acting Commissioner who was ably represented by Alhaji Adamu Balanti, Director in the commission, he said will boost consumers’ choice and confidence in insurance.
Customers’ satisfaction is central to the sustainability and success of every business, insurance inclusive. We are aware of some of the obvious challenges bedevilling the sector either on the side of operators, consumers, investors or regulator. These challenges could be very overwhelming, however we must not relent in looking for better ways to effectively and efficiently ensure delivery of quality services to policyholders.
From the regulatory perspective, policyholders remains a key component of our primary constituency and therefore must ensure they are treated fairly and protected as enshrine in the relevant laws; while at the same time balancing the supervisory role of ensuring financial soundness and reliability of insurance institutions in the country.
“Suffice it to say that consumers are faced with challenges that may vary from one individual or entity’s experience to another while the provider is faced with constraints that may also differ from one company to the other. But there is no doubt regular interactions such as this one will amongst others foster a better understanding and synergy that will result to better services to the consumer.
“NAICOM is well positioned to ensure adequate protection of policyholders at all times. As you may all be aware, the topic on consumer protection has become central to regulators around the globe and the insurance sector is not an exception. Continuing efforts and new reforms are being put in place by NAICOM to ensure prompt payment of genuine claims by insurers.
He said that the commission has strong passion that insurance consumers are served right and feeling your pulse on the services offered you by your insurers will feed us with ingredients needed to strategise on repositioning the industry for better services.
“There is no doubt that we all desire a paradigm shift from the current state of our industry to a better state where we will not be grumbling on issues of prompt claims settlement, pricing of insurance products, value for money, innovative products etc.
He said that the recent developments and reforms in its sector particularly, the recapitalisation exercise is a move to ensure that the industry becomes more robust in its technical competence and financial base.
The process, according to him is aimed at repositioning the sector for self-actualization in terms of growth and development; the end result of which will be to enhance the ability of insurers to provide better protection and improved services to the customers.
