Kindly leave a comment and share
The National Insurance Commission (NAICOM) is training insurance operators to align them with enforcement of real-time complaints and dispute resolutions, Inspenonline can report.
The Commissioner for Insurance Sunday Thomas, who disclosed this at an insurance event held recently, noted that The Complaints Management System (CMS) designed by the Commission to facilitate real-time Complaints and Dispute Resolutions has been concluded and deployed, while the training for insurance operators and the corresponding guidelines are being worked on.
He also submitted that work on the development of the Regulatory Returns and Analysis Module is ongoing.
The NAICOM boss said in recognition of the realities of today’s changing world and the increasing utilization of e-platforms as necessitated by recent changes in the world
especially the outbreak of COVID-19, the Commission had implemented a lot of
technological transformation programmes such as the deployment of Business Process Management (BPM) Solution and the NAICOM Portal Projects which were concluded in 2021 and went live in 2022.
The BPM, he said is currently being used to process relevant applications, while the NAICOM Portal remains the focal point for generation of unique policy identification numbers for all policies as well as repository for statistical data including verification of insurance policies issued in Nigeria. An integration of Vehicle Registration (VREG) with NAICOM Portal was implemented and configuration of Virtual
Private Network has been completed to enable staff work remotely.
Thomas posited that to navigate the “new normal,” insurance industry must develop a wide range of new skill sets and orientation which enables adaptability and agility, stressing that the industry must adopt strategic foresight, continuous learning and development as well as effective communication and transparency.
He submitted that all of these require adjusting operating models and workflow processes in doing business today.
The insurance regulator noted that to successfully compete in a new VUCA environment, insurers need to develop a new set of tools and methods and apply them swiftly and thoroughly, adding that some of the most essential taxonomies includes, strategic savviness (vision), artificial intelligence (understanding and clarity) and organisational agility
(agility and virtual). As aptly put by Frederik Bisbjerg (2023) “In a world they haven’t seen before, insurers must do what they haven’t done before if they want to stand a
chance to succeed.”
