Insurance

NAICOM to monitor claims payment process via portal

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Chuks Udo Okonta

The era where insurance claims payment processes are done in obscurity by insurers, would soon be over as the portal being developed by the National Insurance Commission (NAICOM) will enable it monitor real time how underwriters process all claims made by policyholders.

This revelation was made by the Deputy Director, Information Technology, NAICOM, Abiodun Aribike, whilst presenting a paper entitled: NAICOM’s Digital Transformation of System and Processes: Progress So-Far, at the 2021 NAICOM seminar for Insurance Journalists in Lagos.

He noted that in line with the commitment of the National Insurance Commission of using information technology to drive the supervision, regulation and governance of insurance business in Nigeria, it has developed the NAICOM Portal to provide a direct interface with the industry to ensure greater accountability and transparency.

He posited that the portal would help record notified claims and settlement, stressing that as a digital platform, the portal was designed to drive the core business processes of the Nigeria Insurance Industry with the attendance benefits of service efficiency with quick turn around time, eradication of fake insurance policies, improve public trust and confidence, provide access to statistical data of the Insurance Industry, streamlined approval processes for registration and renewal of licenses amongst other things.

“The digital Platform will provide a single point of Contact between NAICOM and the Insurance Industry.

“The NAICOM Portal comprises of the insurance policy system, the licensing system and the regulatory and financial returns system,” he said.

Aribike submitted that the insurance policy system captures all insurance policies issued in Nigeria while the licensing system automates the core business processes of registration/renewal of licenses, new products AIP and attestation approvals and the regulatory and financial returns system is still at the conception phase.

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