Tech adoption key to efficiency – NAICOM

The Commissioner for Insurance/Chief Executive Officer of the National Insurance Commission, Olusegun Omosehin, has urged players in the industry to adopt technical innovations to boost their operational efficiency and make better decisions.

Omosehin made the call at the 2025 CIIN Professionals’ Forum held in Abeokuta, capital of Ogun State. NAICOM recently unveiled guidelines for insurtech operations in Nigeria and how insurance companies are to engage with them.

The CFI in his keynote address said, “The insurance industry is undergoing a profound transformation driven by technological advancements. Digital innovations are redefining the way insurance products are designed, distributed, and consumed. To remain competitive, we must harness the power of digital technologies to enhance operational efficiency and reduce costs. Improve customer experience and engagement. Increase transparency and trust through data-driven decision-making.

“By embracing digital transformation and innovation, we can unlock new growth opportunities, improve risk management, and deliver more personalised and responsive insurance solutions that meet the evolving needs of our customers. Let us leverage technology to drive industry progress and shape a more sustainable and customer-centric future.”Speaking on the theme of the conference ‘Nurturing the Insurance Industry for Sustainable Growth,’ Omosehin said, “As we operate in an era characterised by rapid technological advancements, evolving economic landscapes, and heightened expectations for adaptability and resilience, the need to develop a robust, sustainable, and inclusive insurance industry has become increasingly paramount.

“As an agency of government, the Commission is dedicated to creating an environment that promotes stability, innovation, and inclusivity, empowering the insurance industry to thrive and contribute to the nation’s economic growth and development.”

On the newly signed Nigerian Insurance Industry Reform Act 2025, Omosehin said, “NIIRA 2025 strengthens the capital base of insurance institutions and replaces previous one-size-fits-all requirements, evaluating capital needs based on each insurer’s specific risk profile, business model, and product offerings.

“Through the enactment of NIIRA 2025, we have been mandated to intensify the enforcement of compulsory insurance compliance and strengthen the protection of policyholders through the newly introduced Policyholder Protection Fund. The Act also promotes digital transformation, supports microinsurance and financial inclusion, and aligns our regulatory standards with global best practices.

“This reform is not just regulatory, it is transformational. It lays the foundation for a more resilient, transparent, and competitive insurance ecosystem. It enhances investor confidence, encourages innovation, and positions our industry as a strategic contributor to Nigeria’s broader economic aspirations, including the vision of a $1tn economy.”

The PUNCH also gathered that the regulator set up three working groups on financial inclusion, digitisation, and reinsurance as it relates to the NIIRA 2025.

Tech Adoption Crucial for Insurance Industry Growth – NAICOM