Digitizing insurance processes may not be feasible this year – STI Chair

insurance ibrandtv

The move by the National Insurance Commission, NAICOM, to digitize insurance processes from this year may not be feasible if there is no close monitoring on insurance companies.

Chairman, Sovereign Trust Insurance (STI) Plc, Mr. Oluseun Ajayi, who disclosure during a chat stated that the initiative is a right step in the right direction if properly monitored and implemented.

It will be recalled that the Acting Commissioner for Insurance, Mr. Sunday Thomas has said that NAICOM has commenced the process of attaining the full digitization of insurance business in Nigeria.

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Thomas said: “As part of the Commission’s effort to develop the insurance market, it has commenced the process of attaining the full digitization of insurance business in Nigeria in order to keep tap with current realities. There is no hiding the fact in saying that the industry is currently lagging behind other financial services sectors in this regards.

“The Commission is now more prepared to drive the IT revolution in the sector starting with itself. It is on this premise that NAICOM is working assiduously to see that all its operations are done online and real time by digitalising its processes and encouraging the industry to imbibe same. Appropriate steps are being taking to launch the Commission’s portal which will go a long way in blocking leakages in the sector.”

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Ajayi however said that for the initiative to thrive, insurance operators must invest in robust information technology.

Ajayi said: “For the initiative to work, managers of insurance business in Nigeria should consciously and deliberately invest in robust information technology apparatus that will support in providing top-notch service delivery to their customers, both home and abroad. The initiative is a right step in the right direction if properly monitored and implemented.

“The role of technology is very essential to the growth of the insurance industry in Nigeria, considering the fact, that the world is gradually becoming a global village and insurance practitioners cannot stand alone in the equation if indeed, we are concerned and serious about the growth and development of the business. The role of technology cannot be undermined if the Insurance industry is to grow beyond what it is today in a country where everyone is gradually becoming technologically- savvy both in the rural and urban areas.”

 

 

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