The National Insurance Commission (NAICOM) has urged the Nigerian Insurers Association (NIA) to prioritise prompt claims settlement and accelerate digital innovation to strengthen public confidence in the country’s insurance industry.
The commission said timely payment of genuine claims remains one of the most important factors in improving customer trust and increasing insurance penetration across Nigeria. It noted that policyholders are more likely to embrace insurance products when they are confident that claims will be processed fairly and without unnecessary delays.
NAICOM encouraged insurance companies to leverage digital technology to modernise their operations, improve service delivery and make insurance products more accessible to individuals and businesses. The commission stressed that digital transformation is essential for enhancing efficiency, reducing operational costs and meeting the evolving expectations of customers.
According to the regulator, adopting advanced technologies such as digital platforms, automated claims processing and data driven risk assessment will enable insurers to deliver faster and more transparent services while improving operational performance.
The commission also called on the Nigerian Insurers Association to strengthen collaboration among member companies to promote industry best practices, improve regulatory compliance and encourage innovation that supports sustainable growth.
Industry stakeholders believe that expanding digital services will help insurers reach underserved communities, simplify policy purchases and improve customer engagement. They also noted that technology can reduce fraud, enhance data security and improve the overall efficiency of insurance operations.
NAICOM reaffirmed its commitment to creating a stable and transparent regulatory environment that encourages innovation while protecting the interests of policyholders. The commission said it will continue working closely with industry operators to address challenges affecting the growth of the insurance sector.
Analysts say improving claims settlement and embracing digital innovation could significantly increase public confidence in insurance, attract new customers and contribute to the long term development of Nigeria’s financial services industry.
As the insurance sector continues to evolve, stakeholders agree that customer satisfaction, technological advancement and effective regulation will remain critical to expanding insurance coverage and supporting economic growth across the country.
SOURCE: PUNCH
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