NAICOM tasks NIA on prompt claims, digital innovation

The National Insurance Commission has charged the newly inaugurated leadership of the Nigerian Insurers Association to prioritise prompt claims settlement, strict market discipline, and rapid digital innovation to drive the industry’s economic impact.

The Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr Olusegun Omosehin, gave the charge in Lagos during the historic investiture of Mrs Ebelechukwu Nwachukwu as the 27th Chairperson of the NIA.

Nwachukwu, who is the Managing Director of Rex Insurance Limited, recently made history as the first woman to lead the association in its 55-year history.

Congratulating the new chairperson, Omosehin expressed strong confidence that her leadership would accelerate growth and deepen professionalism across the sector.

However, he emphasised that building public trust requires a transparent shift in how operators interact with consumers.

He said, “Every claim paid, every policy clearly explained and every customer treated fairly adds to the strength of the industry. My charge to the NIA is to make claims experience a market-wide priority. Let us publish our claims record. Let us compete on service. Let Nigerians feel the impact of insurance.”

The NAICOM boss further urged the association to support stricter enforcement of compulsory insurance to protect policyholders and boost industry credibility.

He also called for accelerated technology adoption to make insurance products easier to access, understand, and purchase.

The commissioner also paid tribute to the immediate past NIA Chairman, Mr Kunle Ahmed, commending his leadership and support during the passage of the Nigerian Insurance Industry Reform Act 2025, which he described as a landmark legislation that has reshaped the industry’s regulatory framework.

Speaking on behalf of the Governor of Lagos State, Babajide Sanwo-Olu, the state’s Commissioner for Finance, Abayomi Oluyomi, said in his address that a thriving society depends on the confidence of individuals and businesses to invest, innovate, and plan for the future.

The governor noted that the insurance industry is one of the quiet but indispensable pillars that sustains this confidence by protecting lives, businesses, and investments against unforeseen risks.

The governor congratulated Nwachukwu on her appointment, describing her emergence as a testament to her years of outstanding professional service, steadfast dedication, and exemplary leadership.

He also commended the steady stewardship of the outgoing chairman, Ahmed, and his governing council for navigating the association through a period of critical reforms and transformation.

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Looking forward, the governor issued a clear, threefold charge to the new chairperson to drive mass adoption across households and small businesses, solidify public trust through seamless customer service, and position insurance as a national economic necessity.

He noted that the state government remained committed to working alongside the NIA, regulators, and other stakeholders to strengthen compliance in areas that protect the public interest and support sustainable development.

Accepting the mantle of leadership, Nwachukwu pledged to transform the nation’s insurance sector from a low-penetration, fragmented, and low-trust market into a highly collaborative, self-regulating contributor to the national economy.

She urged insurers, brokers, agents, reinsurers, and insurtech firms to move away from isolated promotional activities and instead embrace unified, strategic partnerships to turn insurance into an everyday necessity for millions of underserved Nigerians.

“The journey continues. Let’s turn vision into results as we move Insurance from Potential to Performance,” Nwachukwu declared.

To achieve this, Nwachukwu unveiled her administration’s flagship A.C.E Agenda, a three-pronged strategic framework designed to restructure, protect, and grow the marketplace.

Through awareness, the administration aims to eliminate technical jargon and execute coordinated, industry-wide campaigns aligned with NAICOM’s financial literacy goals to rebuild public trust.

The capacity building pillar will dedicate resources to professional development, actuarial discipline, risk management, and digital capabilities, while the enforcement component will focus on upholding high professional standards, ensuring regulatory compliance, and driving the enforcement of compulsory insurance.

She noted that the industry’s single most effective marketing tool is its reliability, saying, “Let us replace jargon with clarity. Let us replace fear with proof. When we pay claims quickly and fairly, we do not just satisfy a customer. Every paid claim is a testimony. Every testimony grows our market.”

Speaking in an exclusive interview with The PUNCH, the Chairman of the Local Organising Committee of the Investiture Committee, Mr Babatunde Fajemirokun, praised the new chairperson as a seasoned professional, a transformational leader, and a builder of institutions, adding that it had been an absolute pleasure working alongside the team to deliver the historic event.

Fajemirokun acknowledged the industry’s long-standing retail hurdles, particularly the friction consumers face when purchasing policies directly without an intermediary, admitting that the process could sometimes be incredibly painful.

He revealed that the NIA was launching a targeted campaign centred on prompt claim settlements to directly combat low retail penetration, noting that as a self-regulating body, the NIA would work hand-in-hand with member companies to guarantee compliance.

Assuring the association of the regulator’s full backing, Omosehin stated that NAICOM would maintain firm regulatory standards while collaborating closely with the new executive team to build a resilient, technology-driven, and highly trusted insurance ecosystem capable of powering the country’s journey towards a trillion-dollar economy.