95% of insurers upload data on NAICOM portal within one month


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Chuks Udo Okonta

Presently, 95 per cent of insurance operators upload their data on National Insurance Commission (NAICOM) portal within one month, Inspenonline can report.

Deputy Commissioner Technical, NAICOM, Sabiu Abubakar, disclosed this at an event in Lagos, adding that the commission is optimistic that before the end of 3rd quarter this year, 95 per cent of them would be uploading their data within one week.

He submitted that online processing of licenses, approvals and data uploading has started for most of the operational request of the regulated agencies, stressing that issues arising from this application are being addressed promptly and that good progress has been recorded in the uploading of data on NAICOM server.

He said NAICOM has trained both its staff and the insurance institution on how the use the portal.

Commissioner for Insurance, Sunday Thomas, said NAICOM Portal is one of the initiatives of the Commission being pursued to deepen the insurance market and increase the penetration to the level that is consistent with the nations economy.

“As some of us may be aware, the Commission in July 2009, embarked on a comprehensive computerization effort tagged project e-regulation that was meant to transform its operational procedures and the conduct of its regulatory responsibilities by providing a robust, world class ICT Infrastructure to help implement an automated business processes internally and for industry wide supervision via an integrated platform,” he said.

Thomas noted that prior to the development of the portal, the processing of applications required that applicants physically drop off their applications at the Commission with their attendant challenges of delays in processing times, wasted manpower hours due to back-and-forth in application processing as well as ineffective application tracking system.

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