Insurance

NAICOM to rank insurance firms based on quality of service

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Chuks Udo Okonta

Henceforth, insurance companies will be assessed and ranked on the quality of their service delivery to customers and the ranking of companies in this regard will be made public to provoke healthy competition among insurers, the National Insurance Commission (NAICOM) has said.

The Acting Commissioner for Insurance, Sunday Thomas, said this today, at the 2019 annual interactive session with Consumers of Insurance Products in Lagos, adding that
the Commission has strong passion that insurance consumers are served right and feeling the pulse on the services offered by insurers.

Thomas, who was presented by the Director, Head Office Branch, NAICOM, Adamu Balanti, noted that from the regulatory perspective, policyholders remains a key component of its 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.

“The Commission took the step in 2018 to incept this platform that will provide the most critical stakeholder in the sector which is the consumer, the opportunity to be heard and be informed first-hand on the workings of the sector. Last year’s session was adjudged to be ahuge success as critical issues affecting consumers of insuranceproducts were brought to limelight,” he said.

He maintained that the recent developments and reforms in the sector particularly, the recapitalisation exercise is a move to ensure that the industry becomes more robust in its technical competence and financial base.

He said the process is aimed at repositioning the sector for self-actualization in terms of growth and development, adding that the end result of which will be to enhance the ability of insurers to provide better protection and improved services to the customers.

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