The Federal Government has called on operators and regulators in Nigeria’s insurance industry to intensify efforts toward innovation and improved service delivery to policyholders.
Minister of Interior, Dr. Olubunmi Tunji-Ojo, made the call on Thursday while receiving the management team of the National Insurance Commission (NAICOM), led by its Chief Executive Officer, Mr. Ayo Omosehin, during a working visit to his office in Abuja.
Tunji-Ojo urged NAICOM to encourage insurance companies to design more creative and responsive products that meet the needs of Nigerians, stressed that innovation is key to expanding the sector’s contribution to national development.
“The adoption of cutting-edge innovations will not only boost the growth of the insurance industry but also strengthen the overall economy,” the Minister said.
He commended the current NAICOM management for its proactive and transparent approach to regulation, describing the leadership as one that has restored stakeholders’ confidence in the industry.
Earlier, the Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr. Ayo Omosehin, said the visit was to explore areas of collaboration with the Ministry of Interior.
Omosehin noted that access to the national data bank would enhance NAICOM’s regulatory capacity by enabling effective verification of policyholders’ profiles. He added that the Commission is intensifying efforts to educate Nigerians on the benefits of insurance coverage.
