Thomas, (4th left) with other top management staff of the National Insurance Commission at the event.
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Chuks Udo Okonta
The National Insurance Commission (NAICOM) has unveiled its 2021-2023 strategic plan, which was built on five strong pillars namely, entrance effective and efficient service delivery; ensure safe, sound and stable insurance sector; adequately protect policyholders and public interest; improve trust and confidence in the insurance sector. and encourage innovation and promote insurance market development.
Unveiling the strategic plan at the 2021 NAICOM seminar for insurance journalists in Lagos, the Commissioner for Insurance, Sunday Thomas, noted that since the development of the last strategic plan for the period 2016 – 2020, there have been various events such as the COVID-19 pandemic, the End SARS protests, and the rise in kidnappings, armed banditry, communal tensions and conflicts, which have impacted on the activities and initiatives of the Commission, adding that these events have ushered in the new normal hence shaping how the industry conducts its business going forward and the corresponding regulatory response.
“The major thrust of this has been preparing the workforce for the new work order, protection of policyholders, improving human capital, leveraging on technology and alternative channels of insurance distribution to stimulate productivity.
“The 2021-2023 Strategic Plan has five (5) goals designed to entrench effective and efficient service delivery, ensure safe, sound and stable insurance sector, adequately protect policyholders and public interest, improve trust and confidence in the insurance sector and encourage innovation and promote insurance market development,” he said.
Thomas maintained that the commission is committed to actualizing the goals of the strategic plan, stressing that NAICOM will adhere to its principles of good governance and core values aimed at creating an enduring, sustainable and conducive environment for accomplishment of the corporate goals and objectives.
He posited that NAICOM will also ensure periodic review and performance monitoring of the plan within its life span bearing in mind the present COVID-19 pandemic. The insurance sector must harness opportunities post pandemic period and beyond by leveraging on technology to provide innovative insurance products, amongst others he submitted.
