NAICOM unveils strategic plans to boost public trust

The National Insurance Commission (NAICOM) has unveiled its 2021-2023 strategic plans for efficient service delivery, protection of trust and confidence in the industry.

NAICOM Head, Corporate Strategy and Special Duties Department, Mr Usman Jankara, announced the plan while delivering a lecture at the annual seminar for insurance journalists in Lagos on Friday.

The theme of the 2021 seminar was ’NAICOM Corporate Strategic Plan 2021 to 2023: Goals, Objectives and Key Deliverables.’

Jankara explained that the strategic plan was hinged on five goals including entrenching effective and efficient service delivery, ensuring safe, sound and stable insurance sector.

Other goals are to adequately protect policyholders and public interest, improve trust and confidence in the insurance sector, encourage innovation and promote insurance market development.

According to him, the goals will consolidate the 2016 -2020 strategic plan with new milestones required to enable the commission accomplish its mission.

Jankara noted that some of the commission’s 2016 to 2020 strategic plans were not achieved due to the prevailing COVID-19 pandemic, among other factors .

“Our strategic plan has simplified what we will focus on and we are now more convinced that we will do much better this year.

“We want to have a stable insurance industry to compete globally and contribute to the country’s economy,’’ he said.

Jankara said the plan would also ensure that policyholders’ complaints were handled better and promptly.

Mr Abiodun Aribike, the Head, Information Technology Department of NAICOM, said the commission had upgraded its portal to eradicate fake insurance and deepen insurance penetration.

Aribike added that the commission would continue to upgrade its technology to meet with global trend in the industry.