The National Insurance Commission, NAICOM, has underscored the pivotal role of technology in fostering growth within the insurance industry and achieving its N1 trillion gross premium target by the end of 2023.

Sunday Thomas, Commissioner for Insurance and CEO of NAICOM, made this declaration in Lagos last week during the 2nd insurance conference hosted by United Capital Securities. The event’s theme was “Technology as a critical driver of growth and transformation in the Nigeria Insurance landscape.”

Thomas revealed that NAICOM has developed a 10-year strategic roadmap aimed at elevating the insurance sector to new heights. He emphasized that to attain growth in the industry, insurance providers must incorporate technology into their operations to attract more individuals to embrace their products. He expressed concern over the industry’s current global ranking, indicating that Nigeria is around 60th globally and the 5th position in Africa, despite the country’s immense potential. To rectify this, NAICOM is opening the door for more players to enter the industry with innovative technologies to enhance services for the public. United Capital has been chosen as a development partner to help achieve these goals.

Thomas stated, “NAICOM has embraced technology, and we no longer accept paper processing. Registration and returns can be done without visiting our office. We monitor all insurers’ daily sales, and if a company reports no policy sales in a week, we will take notice and question their presence in the industry. Therefore, technology is an absolute necessity for industry players to adopt and drive the sector forward.”

Peter Ashade, Group CEO of United Capital Plc, echoed the sentiment, highlighting how technology has enabled their growth into seven entities. He expressed their belief in the potential of the insurance industry and their commitment to actively participate in it. Ashade emphasized that technology is the driving force behind their various services, from stock broking and asset management to insurance and investment banking, further affirming the transformative impact of technology on the industry.